1135 S Corning St - Apartments FOR SALE


Los Angeles, CA 90035- Pico-Robertson
$1,495,000 USD
310-202-9166
1135 S Corning St, Los Angeles, CA for Sale
$1,495,000 USD
Apartments - FOR SALE
1/14
null | 3.06% Cap Rate

1135 S Corning St
Los Angeles, CA 90035
Pico-Robertson


HIGHLIGHTS

  • Four Units - North of Pico Blvd, South of Olympic & West of La Cienega in zip code 90035
  • All units are spacious 1 BR + 1 Bath + dining room - 3 of the 4 units have been tastefully renovated
  • Rents are significantly below market
  • Large 6,112 SF lot - Zoned LAR3 - Potential future development opportunities
  • Two back garages - Potential to build ADU units
  • Excellent opportunity for an owner-occupier - All units will be delivered with tenants in place

OVERVIEW

The Corning St Residences are a four-unit property located north of Pico, south of Olympic and west of La Cienega Blvd, in zip code 90035. This is a high demand rental location directly adjacent to Beverlywood, Beverly Hills, Century City, Miracle Mile and the Pico-Robertson neighborhood . The property consists of four spacious one-bedroom + one-bathroom units. All tenants are currently paying well below-market rents, creating a quintessential value-add opportunity for new ownership. Three out of the four units have received tasteful renovations, and each is equipped with their own in-unit washer and dryer machines. This four unit building would be appealing to an owner-occupier, who could occupy one of the units and benefit from more favorable financing terms while generating rental income to help offset mortgage costs. The building encompasses approximately 3,998 SF and sits on a generous 6,112 SF lot zoned LAR3. The large lot size and R3 zoning present many different types of future multi-family development opportunities. Toward the back of the property are two garages that have the potential to be converted in ADU units. 1135 S. Corning Street is a well-maintained asset that would be a sound addition to an owner-occupier's portfolio or a value-add multi-family investor looking for stable income with significant long term-term upside. The property will be delivered with ALL tenants in place. Reach out to Jon Bloom directly with any questions: 310-883-4530

FOR SALE DETAILS

PRICE

$1,495,000 USD

PRICE/SF

$374 USD /SF

# OF UNITS

4

PRICE/UNIT

$373,750

CAP RATE

3.06%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The S. Corning St Residences

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1938

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.13 AC

LAND SF

5,874 SF

ZONING

LAR3

APN/PARCEL ID

4332-026-016

ASK ABOUT THIS PROPERTY

Jon BloomMiller & Desatnik Realty Corp.More Info
310-202-9166

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Jon BloomMiller & Desatnik Realty Corp.More Info
310-202-9166

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.