The Neema Group of Marcus & Millichap is pleased to present 4114 Rosewood Avenue, in Los Angeles, CA 90004. Built in 1953, this 18-unit property totals 12,917 SF nestled in the middle of Koreatown and East Hollywood. The building features one-bedroom and two-bedroom units, many of which have been renovated.
This offering presents an investor the opportunity to purchase a well-maintained property with stable cash flow. At the closing price, the price per unit is $266,667 with a 4.86% CAP rate and 13.08 GRM on current income. Newly renovated units include new flooring, granite counter tops and large new windows that will allow an investor to achieve pro forma rents with minimal improvements needed as units turn. The subject property has 14 total parking spaces with no soft-story work required.
The Koreatown and East Hollywood sub-markets remain two of the most desirable addresses for both living and working. With over 100,000 people living within one mile and an average home value of over $840,000 within a three-mile radius, the demand for apartment units continue to increase year-over-year. The subject property has a walk score of 83 and the location allows for a quick commute to Downtown Santa Monica and Los Angeles via the 101 Freeway or quick walk to the Vermont/Beverly Station.