Property Details

Year Built: 1927
Units: 12
Price / Unit: $218,750
Price / SqFt: $364.53
CAP: 4.72%
GRM: 13.78

Executive Summary

Marcus & Millichap is pleased to present 127 North Edgemont Street, in Koreatown. Built in 1927, this 12-unit property is located in the heart of Koreatown in a neighborhood with consistent population growth and rising rents. The two-story building features singles and one-bedrooms. One unit will be delivered vacant.

This offering presents an investor the opportunity to capture 18% in rental and RUBS upside. The property is being offered at a low price per unit of $218,750 and has been well-maintained throughout the years with recent upgrades including the replacement of main electric panel and subpanels, seismic bolting and replacement of cripple walls and restoration of wood flooring in the common areas.

The Koreatown neighborhood continues to gentrify at a rapid pace attracting high-end residents with unparalleled access to employment opportunities and entertainment amenities. The subject property has a walk score of 87 and the location allows for a quick commute to both Hollywood and Downtown Los Angeles. The immediate area surrounding the subject property has a population of over 625,000 within a three-mile radius.

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