Property Details

Year Built: 1914
Units: 59
Price / Unit: $148,898
Price / SqFt: $312
CAP: 5.94%
GRM: 9.86

Executive Summary

Marcus & Millichap is pleased to present Chateau Carondelet at 667 S Carondelet St, a 59-unit multifamily investment opportunity in the Westlake neighborhood of Los Angeles located two blocks west of MacArthur Park between Wilshire Blvd & 7th St and just east of Koreatown

The property features a unit mix of 41 singles and 18 one-bedrooms; four singles are currently vacant; many units have high ceilings and exposed brick; renovated units include refinished hardwood floors, updated appliances, tile bathrooms, new cabinetry, ceiling fans, and walk-in closets

At the asking price, the property is being offered at a 5.94% CAP rate at 9.86 GRM on current income with an additional 15% rental upside achievable as units turn through continued interior renovations 

The property has professional landscaping and a secured, gated entrance with intercom access and new security cameras; significant cap ex has been invested by ownership into the systems and common areas

The building is separately metered for electricity and has an on-site laundry room with three washers and three dryers (lease with Wash) 

High Walk Score of 95, the property is walking distance to the Metro A-E Rail Lines, and Metro Local Lines along Wilshire Blvd & 7th St 

This neighborhood of Westlake is ideally located with a short commute to Downtown Los Angeles, Hollywood, and Koreatown. Proximity to MacArthur Park, Echo Park, Doger Stadium, and The Broad Museum

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