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

33

Building size

18,604 sqft

Lot size

7,924 sqft

Year built

1926

Stories

0

Heating

None

Cooling

None

Status

Active

Days on market

31

MLS #

247463296

About this property

138 S Westmoreland Ave | 33-Unit Value-Add Multifamily, Los Angeles. The property is a 1926-built asset totaling 18,604 SF on a 7,922 SF lot in Rampart Village, on the northern edge of Koreatown and within walking distance of the Metro B Line. It features (31) studio units averaging 445 SF and (2) 1+1 units at 625 SF. Twenty-nine units are currently occupied, and 23 of them rent below market. Four long-term tenancies dating to 20052011 carry 34%67% upside to the $1,395 studio market rent, and three vacant studios are ready to lease at market. Offered at $3,400,000 ($103,030/unit | $182.76/SF) with a 6.17% current cap rate, the real story is the rent-to-market gap a 7.71% pro forma cap and an entry roughly 12.7% below the ~$118K/unit average of recent comparable sales.

Location

138 S Westmoreland Avenue

Los Angeles, Los Angeles, CA, 90004