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Multifamily

The Scarlett

2757 San Marino St, Los Angeles, CA 90006

Listing Price: $2,500,000

Cap Rate
4.41%
Number of Units
8
Price/Unit
$312,500
Price/Gross SF
$396.32
Gross SF
6,308

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer the opportunity to acquire The Scarlett, an eight-unit renovated apartment community in Koreatown. Situated just North of Olympic Boulevard and West of Hoover Street, the subject property is located within one of Los Angeles’ most desirable neighborhoods. Koreatown is one of the most widely publicized and energized communities in Los Angeles. The Scarlett consists of four one-bedroom den units and four two-bedroom units on a 6,750 square foot parcel. Current Ownership has extensively renovated six units and features thoughtful design details like Spanish tiles, high ceilings, marble countertops, state-of-the-art appliances, and more. Renovated units also include Split A/C-Heat system and washer and dryers and are achieving premiums over the average in-place rents. Additionally, the common area has been improved with new exterior paint and secured parking. This offering presents investors a rare buying opportunity to purchase a stabilized asset with six out eight units at market rents, providing passive income in a market that has shown consistent growth in population and rents year over year.

Investment Highlights

  • While Current Ownership Has Completed Extensive Renovations to 75% of the Units, Investors Will Have an Excellent Opportunity to Continue these Improvements in the Remaining Units
  • Common Areas and Unit Interiors Have Been Fully Upgraded Over the Last 24 Months with Condo-Quality Renovations That Cater to the Area's Younger Demographic of Creative Professionals
  • • Eight On-Site Parking Spaces with No Retrofit Required• In-Unit Washer and Dryer
  • Located within one of Los Angeles' Most Desirable Submarkets Which is Also Adjacent to Downtown Los Angeles and Hollywood
  • One and Two Bedroom Units that Offer Spacious Layout

Exclusively Listed By

Listing Price: $2,500,000

Cap Rate
4.41%
Number of Units
8
Price/Unit
$312,500
Price/Gross SF
$396.32
Gross SF
6,308

Investment Highlights

  • While Current Ownership Has Completed Extensive Renovations to 75% of the Units, Investors Will Have an Excellent Opportunity to Continue these Improvements in the Remaining Units
  • Common Areas and Unit Interiors Have Been Fully Upgraded Over the Last 24 Months with Condo-Quality Renovations That Cater to the Area's Younger Demographic of Creative Professionals
  • • Eight On-Site Parking Spaces with No Retrofit Required• In-Unit Washer and Dryer
  • Located within one of Los Angeles' Most Desirable Submarkets Which is Also Adjacent to Downtown Los Angeles and Hollywood
  • One and Two Bedroom Units that Offer Spacious Layout

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer the opportunity to acquire The Scarlett, an eight-unit renovated apartment community in Koreatown. Situated just North of Olympic Boulevard and West of Hoover Street, the subject property is located within one of Los Angeles’ most desirable neighborhoods. Koreatown is one of the most widely publicized and energized communities in Los Angeles. The Scarlett consists of four one-bedroom den units and four two-bedroom units on a 6,750 square foot parcel. Current Ownership has extensively renovated six units and features thoughtful design details like Spanish tiles, high ceilings, marble countertops, state-of-the-art appliances, and more. Renovated units also include Split A/C-Heat system and washer and dryers and are achieving premiums over the average in-place rents. Additionally, the common area has been improved with new exterior paint and secured parking. This offering presents investors a rare buying opportunity to purchase a stabilized asset with six out eight units at market rents, providing passive income in a market that has shown consistent growth in population and rents year over year.

Exclusively Listed By

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