138 S Westmoreland Ave - Apartments FOR SALE


Los Angeles, CA 90004- Koreatown | 
$3,400,000 USD
916-996-4421
138 S Westmoreland Ave, Los Angeles, CA for Sale
$3,400,000 USD
Apartments - FOR SALE
1/18
null | 6.3% Cap Rate

138 S Westmoreland Ave
Los Angeles, CA 90004
Koreatown


OVERVIEW

138 S Westmoreland Ave is a 33-unit multifamily property in Rampart Village, on the northern edge of Koreatown, offered at $3,400,000 ($103,030/unit, $182.76/SF). Built in 1926, the property is a classic value-add opportunity in one of Los Angeles's most supply-constrained rental submarkets. It enters roughly 12.7% below the per-unit average of six recent comparable sales. The building has 31 studios averaging 445 SF and two 1+1s at 625 SF, across 18,604 SF of building area. Twenty-one of the 28 occupied units rent below the $1,395 studio market rent. Four long-term tenancies, dating from 2005 to 2011, sit 34% to 67% below market. Unit 306, at $834.56, is the single largest upside opportunity in the portfolio. Four vacant studios are available for immediate lease-up at market. The property is subject to the Los Angeles Rent Stabilization Ordinance, so the incoming owner captures rent increases systematically at each vacancy. Current NOI of $214,289 grows to $262,239 at market rents, a 22% increase that moves the cap rate from 6.30% to 7.71%. That makes 138 S Westmoreland a day-one income asset with a clearly defined upside path.

FOR SALE DETAILS

PRICE

$3,400,000 USD

PRICE/SF

$183 USD /SF

# OF UNITS

33

PRICE/UNIT

$103,030

CAP RATE

6.3%

% LEASED

85%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1926

PARKING SPACES

32

LAND DETAILS

LAND ACRES

0.18 AC

LAND SF

7,924 SF

ZONING

LAR3

APN/PARCEL ID

5501-016-009

ASK ABOUT THIS PROPERTY

Taylor AvakianLyon Stahl Investment Real EstateMore Info
916-996-4421

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Taylor AvakianLyon Stahl Investment Real EstateMore Info
916-996-4421

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