Skip to main content

Multifamily

1216 W Court St

1216 W Court St, Los Angeles, CA 90026

Listing Price: $3,600,000

Cap Rate
4.74%
Number of Units
20
Price/Unit
$180,000
Price/Gross SF
$343.51
Gross SF
10,480

Investment Overview

Marcus & Millichap is pleased to present 1216 W Court St. in Los Angeles, CA. Built in 1927, this property is made up of 20 singles located minutes from Downtown Los Angeles in the Greater Echo Park Elysian neighborhood of Los Angeles with easy access to the 110 and 101 Freeways. This is an ideal investment opportunity located in a rapidly gentrifying submarket of Los Angeles with strong cash flow at a 4.74% CAP rate on current income with additional 20% rental upside when units turn. With strong in-place cash flow and opportunistic financing, there is a strong projected cash on cash return of 8.0% on the current income at the asking price. 1216 W Court St. is a well-kept building with minimal deferred maintenance allowing an investor to continue to add value through the focus of interior renovations for the remaining unrenovated units. Over $80,000 of capital improvements have been put into the property by the ownership in 2021. The pro forma rents of $1,350 are proven as the recently rented units have achieved that rental rate. Additionally, there is a RUBS program inplace to reimburse the landlord of water, sewage and trash expenses as well as monthly cap ex reimbursements for common area improvements. The property features a private wood sundeck spanning the length of the building’s rear. The units are separately metered for gas & electric, and have upgraded electrical. Furthermore, there is laundry facility on-site with two washers and two dryers providing additional monthly income. The Westlake area is rapidly gentrifying and experiencing an influx of new developments, including five recent projects within walking distance of the subject property. Court Street is close to the local bus lines and Metro Red, Purple, A, and E Lines, allowing for a fast commute to many neighborhoods in Los Angeles. With it’s close proximity to schools, transit, and shopping, this location makes it convenient for residents to commute through the city even without a vehicle. South Park is the second-most dense neighborhood in Los Angeles County, according to the Los Angeles Times; its rental market continues to thrive as it is in the center of high-growth neighborhoods such as Pico-Union, Koreatown, Echo Park and Downtown Los Angeles.

Investment Highlights

  • 1216 Court St is a 10,480 square foot value add opportunity in the Greater Echo Park Elysian neighborhood in the Westlake district, a central location walkable to Vista Hermosa Natural Park
  • Prime offering consists of 20 units in the Westlake submarket giving an investor the opportunity to purchase an asset with strong in-place cash flow at a 4.74% CAP rate on current income
  • The subject property, built in 1927 features all studios units with wood flooring and lots of natural light with ceiling fans in select units
  • Ease of management as gas & electric are separately metered with newly upgraded electrical
  • On-site laundry facilities with two washers and two dryers providing extra monthly income.
  • Private wood sundeck, spanning the length of the building's rear
  • Secure entry with security cameras throughout
  • Desirable South Echo Park/Westlake location with a walkscore of 74 - walking distance to Sunset Boulevard's newest eateries, craft bars and specialty shops

Exclusively Listed By

Multifamily

1216 W Court St

Listing Price: $3,600,000

Cap Rate
4.74%
Number of Units
20
Price/Unit
$180,000
Price/Gross SF
$343.51
Gross SF
10,480

Investment Highlights

  • 1216 Court St is a 10,480 square foot value add opportunity in the Greater Echo Park Elysian neighborhood in the Westlake district, a central location walkable to Vista Hermosa Natural Park
  • Prime offering consists of 20 units in the Westlake submarket giving an investor the opportunity to purchase an asset with strong in-place cash flow at a 4.74% CAP rate on current income
  • The subject property, built in 1927 features all studios units with wood flooring and lots of natural light with ceiling fans in select units
  • Ease of management as gas & electric are separately metered with newly upgraded electrical
  • On-site laundry facilities with two washers and two dryers providing extra monthly income.
  • Private wood sundeck, spanning the length of the building's rear
  • Secure entry with security cameras throughout
  • Desirable South Echo Park/Westlake location with a walkscore of 74 - walking distance to Sunset Boulevard's newest eateries, craft bars and specialty shops

Investment Overview

Marcus & Millichap is pleased to present 1216 W Court St. in Los Angeles, CA. Built in 1927, this property is made up of 20 singles located minutes from Downtown Los Angeles in the Greater Echo Park Elysian neighborhood of Los Angeles with easy access to the 110 and 101 Freeways. This is an ideal investment opportunity located in a rapidly gentrifying submarket of Los Angeles with strong cash flow at a 4.74% CAP rate on current income with additional 20% rental upside when units turn. With strong in-place cash flow and opportunistic financing, there is a strong projected cash on cash return of 8.0% on the current income at the asking price. 1216 W Court St. is a well-kept building with minimal deferred maintenance allowing an investor to continue to add value through the focus of interior renovations for the remaining unrenovated units. Over $80,000 of capital improvements have been put into the property by the ownership in 2021. The pro forma rents of $1,350 are proven as the recently rented units have achieved that rental rate. Additionally, there is a RUBS program inplace to reimburse the landlord of water, sewage and trash expenses as well as monthly cap ex reimbursements for common area improvements. The property features a private wood sundeck spanning the length of the building’s rear. The units are separately metered for gas & electric, and have upgraded electrical. Furthermore, there is laundry facility on-site with two washers and two dryers providing additional monthly income. The Westlake area is rapidly gentrifying and experiencing an influx of new developments, including five recent projects within walking distance of the subject property. Court Street is close to the local bus lines and Metro Red, Purple, A, and E Lines, allowing for a fast commute to many neighborhoods in Los Angeles. With it’s close proximity to schools, transit, and shopping, this location makes it convenient for residents to commute through the city even without a vehicle. South Park is the second-most dense neighborhood in Los Angeles County, according to the Los Angeles Times; its rental market continues to thrive as it is in the center of high-growth neighborhoods such as Pico-Union, Koreatown, Echo Park and Downtown Los Angeles.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower