Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

27

Building size

23,912 sqft

Lot size

25,008 sqft

Year built

1962

Stories

3

Heating

None

Cooling

None

Status

Active

Days on market

98

MLS #

244781242

About this property

We are pleased to present1125 S Westmoreland Avenue, a 27-unit multifamily investment opportunity in the heart of Koreatown, comprised of two distinct buildings. The front 10,824 SF building was built in 1937 and arear 13,088 SF building was built in 1962, situated on a large 25,000 SF lot. A diverse and highly marketable unit mix of 4 bachelors, 4singles, 13 one-bedrooms, 4 two-bedrooms, and 2 three-bedrooms caters to a broad range of renter profiles and price points, supporting consistent leasing velocity. The property offers a unique structural layout, centered around an expansive central courtyard with garden, private balconies and patios facing the street and interior corridor. There are also several on-site laundry machines that generate additional income. Significant rental upside can be achieved through unit turnover. Select units have already undergone renovation, including new laminate flooring, paint, updated appliances, refreshed kitchens and bathrooms, and mini-split AC. Ample on-site parking totaling 24 spaces (12 tandem spots split across both sides of the property and 12 rear single spaces),with meaningful ADU potential through conversion of select tuck under parking spots (buyer to verify). Untapped ancillary income streams under new ownership, including the ability to implement a utility bill back program via RUBS and generate additional income from parking, neither of which is currently being captured. Offered at an attractive basis of $3,900,000 ($144,444/unit, $163/SF), reflecting a 5.98% current cap rate and 8.51 GRM on in-place income. Located in Koreatown, one of Los Angeles' most active rental markets, drawing a deep and diversified renter base to its dense concentration of restaurants, nightlife, and retail. Positioned within a submarket experiencing sustained momentum, with more than 50 major development projects underway or planned throughout Koreatown and independent research projecting rental rates to climb meaningfully over the coming years as available housing supply remains constrained. A persistent affordability gap supports durable demand, with the Koreatown median home price near $1.2 million placing homeownership out of reach for most local renters, reinforcing high occupancy and consistent rent growth throughout the submarket.

Location

1125 S Westmoreland Avenue

Los Angeles, Los Angeles, CA, 90006