Marcus & Millichap is pleased to present 1322 South Catalina Street, Los Angeles, CA 90006. Built in 1927, this unique 18-unit property totals 10,066 SF located in the heart of Koreatown, between Normandie Ave & Vermont Ave. The building features a unit mix that includes 14 singles, 2 junior one-bedrooms*, and 2 one-bedroom apartments.
This offering presents an investor the opportunity to capture a 69% overall increase in rent with a pro forma CAP rate of 8.07% through renovations when the units turn. The property is being offered at a low price per unit of $141,667 and a low price per square foot of $253. The building is well-maintained and separately metered for gas and electricity.
The Koreatown submarket remains one of the most desirable addresses for both living and working for residents who need to commute to both Downtown Los Angeles and Hollywood. With over 110,000 people living within one mile and an average home value of over $830,000 within a three-mile radius, the demand for apartment units continue to increase. The subject property has a walk score of 93 and is within walking distance to the Wilshire/Vermont Station.