419-423 Coronado Ter, Los Angeles, CA 90026
24 Unit Apartment Building | $4,350,000 ($181,250/Unit) | 5.89% Cap Rate | Los Angeles, CA 90026
For Sale
Active
22 pictures
- Date Added:
- September 16, 2024
- Days on Market:
- 25 days
Asking Price $4,350,000
- Property Type
-
Multifamily
- Square Feet
- 20,572 SF
Listing Contacts
Casey Lins
Property Overview
We are pleased to present a 24-unit multifamily portfolio consisting of three 8-unit buildings (three individual APNs) in Echo Park, all situated on the same street at 413, 419 and 431 Coronado Park Terrace. This opportunity is located just south of the 101 freeway with quick access to the 110 freeway and in close proximity to Echo Park Lake, Downtown Los Angeles, Dodger Stadium, Chinatown, the Convention Center, USC Coliseum, offering tenants convenience to numerous nearby amenities. The property currently operates at a collective 10.30 GRM on current rents and a 5.89% CAP, with rental upside potential to a 6.28 GRM and a 11.61% CAP on pro-forma rents. The buildings consist of 17 one-bedroom units, 5 two-bedroom units, and 2 three-bedroom units, with 3 units delivered VACANT. The tenants pay for gas, electric, and trash, and the landlord pays for water. Priced at only $211/sf and $181,250/unit with 60+% rental upside, the offering is well positioned for a value-add investor seeking to drive returns, or a local operator looking to increase their holdings within a desirable submarket. Each of the three properties were built in 1925, 1925, and 1927 respectively, and feature a total 14+ uncovered parking spaces in the rear with alley access.
Contact Casey Lins at 714-333-6768 or [email protected] for additional information.
Contact Casey Lins at 714-333-6768 or [email protected] for additional information.
Property Details
- Class
- C
- Year Built
- 1925
- Stories
- 2
- Lot Size (sq. ft)
- 23,958 SF
- Units
- 24
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