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$1,900,000
Est. payment /mo
8 Beds
13 Baths
6,827 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 6,827 sqft
Price per Sqft $278
MLS Listing ID 26102021
Bedrooms 8
HOA Y/N No
Lot Size 9,099 Sqft
Property Description
1645 S St Andrews Pl | 13-Unit Value-Add Multifamily, Mid-City Los Angeles. 1960-built asset totaling 6,827 SF on a 9,277 SF LAR3 lot, one block west of Western Avenue with Koreatown to the north and quick access to the I-10 and the Metro E Line's Expo/Western station. The property features (7) studios averaging 410 SF, (4) 1BR/1BA units averaging 600 SF, and (2) 2BR/1BA units averaging 765 SF, plus 10 on-site parking spaces. Twelve of 13 units are occupied, with in-place rents averaging $1,299 against $1,820 at market a 40% gap and one studio delivered vacant for immediate lease-up. Offered at $1,900,000 ($146,154/unit | $278.31/SF) with a 5.52% current cap rate, the real story is turnover RSO units that reset to market at each vacancy, a 9.42% pro forma cap with no capital program assumed, and pricing 7% below the average of six recent comparable sales.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LAR3
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features Driveway Down Slope From Street
Total Parking Spaces 10
Building
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5073015013
Special Listing Condition Standard
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Listed by Taylor Avakian Lyon Stahl Investment Real Estate, Inc. #02060040
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