Property Details
Executive Summary
The Neema Group of Marcus & Millichap is pleased to present an 18-unit, true value-add investment opportunity located in Koreatown; the property is located just south of Pico Boulevard, between Normandie Avenue & Vermont Avenue.
The subject property presents an impressive unit mix throughout consisting of 14 singles and four one-bedrooms; the majority of the units are currently at below market rent offering an investor a the chance to increase cash flow dramatically to a 8.32% pro forma CAP rate when stabilized. 1322 South Catalina Street is being offered at a low price per unit of $127,778; significant loss-to-lease of over 44%.
The subject property has a high walk score of 92 and is within walking distance to the Metro Purple Line, multiple bus stops and Loyola High School; nearby amenities give tenants many options for nightlife, employment and education.
Koreatown is one of the most densely populated submarkets in all of Los Angeles with rising rents year-over-year; with a plethora of transportation options available as well as the close proximity to the 10 Freeway, the location offers tenants an easy commute throughout Los Angeles
