Property Details


Year Built: 1920-2922
Units: 60
Price / Unit: $199,167
CAP: 4.68%
GRM: 12.71

Executive Summary


DOWNLOAD OFFERING MEMORANDUM

The Neema Group of Marcus & Millichap is pleased to present 975-985 Oxford Ave, Los Angeles, CA 90006. 

975-985 Oxford Ave is a unique investment opportunity to purchase 3 adjacent buildings totaling 60 apartment units. The assets are located in the heart of Koreatown on the corner of S Oxford Ave and Monette Pl providing easy access to Downtown LA and Hollywood. The three buildings total 24,204 SF and features a unit mix of 60 singles, the majority have been recently renovated with vinyl plank flooring, recessed lighting, new stainless-steel appliances, and updated kitchens and bathrooms. 

At the asking price, the property is being offered with minimal deferred maintenance required and strong in-place cash flow at a 4.53% CAP rate on current income. Additionally, there is a RUBS program in-place and community laundry offering investors significant additional income. 

High Walk Score of 97, close proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city even without a vehicle. Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1 billion invested in the development of Koreatown since the early 2000s and various development projects taking place, Koreatown remains one of the best areas to invest in. 

Area Overview

KOREATOWN is a neighborhood that lies 3 miles west of Downtown, 4 miles southeast of Hollywood, 12 miles east of Santa Monica Beach and 16 miles northeast of Los Angeles International Airport. The area is only 2.7 square miles and features an eclectic mix of flashing neon lights, old Art Deco buildings, and office buildings that house innovative restaurants and dark nightclubs. Koreatown, as its name would suggest, is primarily home to the Korean community and Korean-owned businesses, including Asiana Airlines, Korean Air, Grupo TACA and the Consulate-General of South Korea. 

In late 2008, Koreatown was granted a special graphics district designation that allows the neighborhood to display digital signage similar to Times Square. The Korean community is highly invested in the development of its neighborhood, with an estimated $1 billion invested since the early 2000s. Koreatown is one of the densest neighborhoods in Los Angeles, with a population of about 120,000 people. Koreatown has been experiencing a development boom, with projects by firms including Jamison Services, Trammell Crow Company, and CIM Group. 

DOWNLOAD OFFERING MEMORANDUM

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