204 Manhattan Pl, Los Angeles, CA 90004

17 Unit Apartment Building | $4,600,000 ($270,588/Unit) | 5.55% Cap Rate | Los Angeles, CA 90004

Asking Price $4,600,000

Property Type: Multifamily
Square Feet: 12,628 SF

Listing Contacts

Armin Soleimani

Julio Ruiz

Property Overview

Well-maintained 17-unit building cash flowing at an amazing Current Cap Rate of 5.5% and 12.5 GRM from day 1 with an incredible 53% upside to 9.6% Cap Rate and 8.2 GRM on proforma in prime Hancock Park/Larchmont Village area. Attractively priced at only 270k/door and 364/SF with an excellent and large unit mix of 6 (2bed/2bath) units, 2 (2bed/1bath) units, and 9 (1bed/1bath) units including 3 brand-new (1bed/1bath) attached ADUs currently under construction. Additionally, 2 of the units have been completely renovated and boast a high-end aesthetic with new modern cabinets, flooring, lighting, new bathrooms, stainless steel appliances, and major exterior capital improvements. Amenities include a renovated pool and courtyard with seating areas, on-site laundry facilities, secure entry, and covered parking spaces for convenience. Individually metered for gas & electricity with soft-story retrofit already completed. Large 14,364 SF R3 TOC Tier 3 corner lot for future development potential. Located in the heart of Hancock Park just minutes away from Larchmont Village, Koreatown, Hollywood, and Melrose as well as many hip neighborhood attractions, restaurants, bars, and shops such as Wilshire Country Club, Paramount Studios, H Mart, Levain Bakery, Salt & Straw, and Great White, popping up all around the area.

Property Details

Class: B
Year Built/Renovated: 1961/2023
Stories: 2
Lot Size (sq. ft): 14,375 SF
Units: 17

Highlights

Well maintained 17-unit 12,628 SF building in prime Hancock Park/Larchmont Village area cash flowing at an amazing Current Cap Rate of 5.55%!
Attractively priced at only 270k/door and 365/SF with an excellent and large unit mix of 6 (2bed/2bath) units, 2 (2bed/1bath) units, & 9 (1bed/1bath)
2 of the units have been completely renovated and boast a high-end aesthetic with new modern cabinets, flooring, lighting, new bathrooms & more!
Individually metered for Gas & Electricity with soft-story retrofit already completed.
Large 14,364 SF R3 TOC Tier 3 corner lot for future development potential.

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