149 S Westmoreland Ave - Apartments FOR SALE


Los Angeles, CA 90004- Koreatown
$1,450,000 USD
213-943-1897
149 S Westmoreland Ave, Los Angeles, CA for Sale
$1,450,000 USD
Apartments - FOR SALE
1/7
null | 5.54% Cap Rate

149 S Westmoreland Ave
Los Angeles, CA 90004
Koreatown


HIGHLIGHTS

  • There is 57 percent remaining rental upside through interior renovations
  • Located in a designated opportunity zone and may be eligible for preferential tax treatment
  • The 2028 Summer Games are expected to boost LA’s real estate market through infrastructure upgrades and enhancements to nearby venues
  • 88% Two Bedroom Units - Excellent Unit Mix Consisting of Two-Bedroom and One-Bedroom Units
  • Low Operating Cost - Individually metered for gas & electric with separate water heaters
  • Long Term Ownership - Privately owned & operated for the last 11 years

OVERVIEW

The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present for sale an eight-unit apartment community located at 149 South Westmoreland Avenue. Situated just south of 1st Street and west of Virgil Avenue, the property is located near Koreatown in a vibrant and rapidly evolving pocket. Situated on a 6,496-square-foot lot, the property is comprised of seven two-bedroom units and one one-bedroom unit. The property has 57% remaining rental upside through interior unit renovations. The property is individually metered for gas & electric, and each unit has a separate water heater. This offering provides investors the rare opportunity to acquire a 1920s vintage apartment asset consisting of large two-bedroom units with significant upside. Ongoing neighborhood revitalization, combined with the property’s value-add potential, positions 149 South Westmoreland Avenue as an exceptional investment with strong prospects for superior future returns. PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.

FOR SALE DETAILS

PRICE

$1,450,000 USD

PRICE/SF

$171 USD /SF

# OF UNITS

8

PRICE/UNIT

$181,250

CAP RATE

5.54%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

An 8-Unit Value-Add Apartment Near Koreatown

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1926

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,497 SF

ZONING

LAR3

APN/PARCEL ID

5501-015-003

ASK ABOUT THIS PROPERTY

Sean RosenzweigMarcus & MillichapMore Info
213-943-1897

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Sean RosenzweigMarcus & MillichapMore Info
213-943-1897

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