Property Details

Year Built: 1923
Units: 24
Price / Unit: $164,583
Price / SqFt: $286
CAP: 3.26%
GRM: 5.05%

Executive Summary

Executive Summary

The Neema Group of Marcus & Millichap is pleased to present 941 South Kenmore Avenue, in Los Angeles, CA 90006. Built in 1923, this 24-unit property totals 13,800 SF on a 6,664 SF lot in the heart of Koreatown. The building features single units and has a community laundry room on-site.

This offering presents an investor the opportunity to purchase a value-add investment with true rental upside. At the asking price, the price per square foot is $286 with a pro forma GRM of 10.52. The building is separately metered for gas and the exterior has just been painted.

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. The subject property is surrounded by new developments between 8th Street & Olympic Boulevard. With over 125,000 people living within one mile and an average home value of over $700,000 within a three-mile radius, the demand for apartment units continues to increase. The subject property has a walk score of 93 and is within walking distance to the Wilshire/Normandie Station.

Investment Highlights

  • 941 South Kenmore Avenue is an 24-unit investment opportunity located in the highly coveted Koreatown neighborhood of Los Angeles, on the corner of San Marino Street & Kenmore Avenue between Vermont Avenue & Irolo Street; a location in one of the most desirable submarkets of Los Angeles attracting high-end residents with unparalleled access to employment opportunities and entertainment amenities
  • The subject property, built in 1923, features twenty-four singles units; the majority of the units are leased at below-market rents providing an investor a true value-add opportunity to capture the current 22% loss-to-lease by achieving pro forma rents as the units turn
  • Offered at an attractive price per square foot of $286; the building is separately metered for gas and has a laundry room on-site
  • 941 South Kenmore Avenue is well-maintained with a secure, gated entrance in the front and recent exterior painting of the entire building
  • Incredible walk score of 93 with easy access to the 10 & 110 Freeways as well as walking distance to the Metro Purple Line at the Wilshire/Normandie Station stop giving tenants an easy commute to both Downtown Los Angeles and Hollywood
  • The subject property is surrounded by new development mixed-use and residential projects between 8th Street and Olympic Boulevard, exemplifying the rapid gentrification of the neighborhood that will continue to support the rental market

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