Brand New 15 Unit Lux Bldg in KTown
15 Unit Apartment Building | $8,150,000 ($543,333/Unit) | 5.58% Cap Rate | Los Angeles, CA 90020
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $8,150,000
- Property Type
-
Multifamily
- Square Feet
- 13,376 SF
Listing Contacts
Dario Svidler
Verified Profile
Morgan McMullin
Verified Profile
- Property Info
Property Overview
The subject property is a luxury, brand new construction, 15 unit apartment complex located in the highly desirable Koreatown submarket of Los Angeles. Ideally situated on Oxford Ave, one block east of Western Ave between 3rd and 4th St, just 3 blocks from the Wilshire/Western Metro Station. This 2024 constructed building has pristine units, an incredible unit mix and an unrelenting rental demand by the strong demographics . The property boasts nine 2 bedroom, 2 bathroom units and six 3 bedroom, 2 bathroom units. Two units are affordable restricted (doesn’t preclude you from renting to Section 8 – buyer to verify). The property is currently in lease-up.
Koreatown’s central location, proximity to major job hubs, and diverse array of culinary, entertainment, and cultural options are key draws for renter demand. The area is increasingly evolving into a self-contained neighborhood, where residents can live, work, dine, and play without a car. The densely populated location ensures expeditious lease up and the luxurious units allow for tenant comfort and investor stability. The area has undergone a major economic renaissance during the past couple of decades with development as the driving force. The new apartment and mixed-use developments in the immediate area have provided an overwhelming increase in the demand for high end rental units and retail.
The building offers 13 parking spaces and has a rooftop deck. All units have washer and dryers, central air and heat as well as all the modern conveniences of living in a brand new building.
GRM and Cap Rate are market rents. Property is currently in lease-up with over 50% Rented.
Koreatown’s central location, proximity to major job hubs, and diverse array of culinary, entertainment, and cultural options are key draws for renter demand. The area is increasingly evolving into a self-contained neighborhood, where residents can live, work, dine, and play without a car. The densely populated location ensures expeditious lease up and the luxurious units allow for tenant comfort and investor stability. The area has undergone a major economic renaissance during the past couple of decades with development as the driving force. The new apartment and mixed-use developments in the immediate area have provided an overwhelming increase in the demand for high end rental units and retail.
The building offers 13 parking spaces and has a rooftop deck. All units have washer and dryers, central air and heat as well as all the modern conveniences of living in a brand new building.
GRM and Cap Rate are market rents. Property is currently in lease-up with over 50% Rented.
Property Details
- Class
- B
- Year Built
- 2024
- Stories
- 4
- Lot Size (sq. ft)
- 9,148 SF
- Units
- 15
Highlights
- 2024 Construction with Modern Systems
- On-Grade Parking
- Luxury Finishes with Rooftop Deck
- Prime Koreatown Location
- Tremendous Accessibility
- 3 Blocks from Metro Subway Station
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