138 S Westmoreland Ave, Los Angeles, CA 90004
- $3,400,000
- 32
- BA
- 18,604
- SqFt
- List Price
- $3,400,000
- MLS#
- 26993013
- Year Built
- 1926
- Bathrooms
- 32
- Living Sq. Ft
- 18,604
- Lot Size
- 7,924
- Days on Market
- 18
- Property Type
- Multifamily
Property Description
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-eight units are currently occupied, and 21 of them rent below market. Four long-term tenancies dating to 20052011 sit 34%67% below the $1,395 studio market rent, and four vacant studios are ready to lease at market. Offered at $3,400,000 ($103,030/unit | $182.76/SF) with a 6.30% 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.
Additional Information
- Other Buildings
- None
- Heat
- None
- Cooling
- None
- Number of Cars in Garage
- None
Mortgage Calculator
Courtesy of Lyon Stahl Investment Real Estate, Inc., Taylor Avakian - CA DRE#02060040
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