204 N Manhattan Pl - Apartments FOR SALE


Los Angeles, CA 90004- Koreatown
$5,495,000 USD
310-666-2246
204 N Manhattan Pl, Los Angeles, CA for Sale
$5,495,000 USD
Apartments - FOR SALE
1/32
null | 5.3% Cap Rate

204 N Manhattan Pl
Los Angeles, CA 90004
Koreatown


HIGHLIGHTS

  • Well-maintained 17-unit building in the prime Hancock Park/Larchmont Village area, with a current Cap Rate of 5.3% and potential to reach 7.5%
  • Approved RTI plans to add 4 detached ADUs, boosting the Cap Rate to 7% (current) and 9.2% (proforma), with an estimated construction cost of $340k
  • Diverse unit mix including 6 (2 bed/2 bath), 2 (2 bed/1 bath), and 9 (1 bed/1 bath) units, featuring some renovations with high-end finishes
  • Select units are fully renovated with modern cabinets, flooring, lighting, new bathrooms, stainless steel appliances, and major exterior upgrades
  • Amenities include a renovated pool and courtyard, on-site laundry, secure entry, and parking. All units are individually metered

OVERVIEW

Price Reduction! Well maintained 17-unit building in prime Hancock Park/Larchmont Village area cash flowing at an amazing Current Cap Rate of 5.3% from day 1 with upside to 7.5% Cap Rate on Proforma. Approved RTI plans to add 4 detached ADUs to achieve a remarkable 7% Current Cap Rate, 9.2% Proforma Cap Rate, and only 277k/door after taking into account all constructions costs (~340k assuming $250/SF). Large unit mix of 6 (2bed/2bath) units, 2 (2bed/1bath) units, and 9 (1bed/1bath) units including 3 newly-built attached ADUs. Select units have been renovated and boast a high-end aesthetic with new modern cabinets, flooring, lighting, new bathrooms, stainless steel appliances, and major exterior capital improvements. Amenities include a renovated pool and courtyard with seating areas, on-site laundry facilities, secure entry, and parking for convenience. Individually metered for gas & electricity with soft-story retrofit already completed. Large 14,364 SF R3 TOC Tier 3 corner lot for future development potential. Located in the heart of Hancock Park just minutes away from Larchmont Village, Koreatown, Hollywood, and Melrose as well as many hip neighborhood attractions, restaurants, bars, and shops such as Wilshire Country Club, Paramount Studios, H Mart, Levain Bakery, Salt & Straw, and Great White, popping up all around the area.

FOR SALE DETAILS

PRICE

$5,495,000 USD

PRICE/SF

$435 USD /SF

# OF UNITS

17

PRICE/UNIT

$323,235

CAP RATE

5.3%

% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Reduced! 5.3% Cap 17 Units +RTI Plans 4 ADUs!

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1961

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.32 AC

LAND SF

13,939 SF

ZONING

R3

APN/PARCEL ID

5517-004-011

ASK ABOUT THIS PROPERTY

Armin SoleimaniGlobal Platinum PropertiesMore Info
310-666-2246

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Armin SoleimaniGlobal Platinum PropertiesMore Info
310-666-2246

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