333 S Serrano Ave - Apartments FOR SALE


Los Angeles, CA 90020- Koreatown
$2,000,000 USD
310-993-7600
333 S Serrano Ave, Los Angeles, CA for Sale
$2,000,000 USD
Apartments - FOR SALE
1/9
null | 5% Cap Rate

333 S Serrano Ave
Los Angeles, CA 90020
Koreatown


HIGHLIGHTS

  • 80% of the Units are 2 Bedroom/2 Bath
  • In-Place Cap Rate of 5% with Upside to 8.48%
  • Excellent Koreatown Location – 1 Blk from Western Ave
  • Low Price/Unit of $200k and Price/SQ of $210
  • Current GRM – 10.75 | Pro-Forma – 7.51

OVERVIEW

Iconic Investments is pleased to present for sale, The Serrano by Three Apartments, located at 333. S Serrano Ave. This prime Koreatown location is just north of 3rd Street and one block east of Western Ave., offering easy access to the Wilshire/Western Metro Station, shopping, entertainment, and other submarkets like Hollywood, Downtown LA, Silverlake, and Larchmont Village. The Serrano features 10 units, two of which are 1 Bedroom/1 Bath and eight of which are 2 Bedrooms/2 Baths. The property has on-grade parking, and the building has been seismically retrofitted, with eight singles and three tandem parking spaces. Utilities are individually metered for both gas and electricity. The property has a solar system that generates electricity for the house meter. Within Koreatown, apartment buildings just east or west of Western Blvd have historically achieved higher rents than other locations within this submarket. New ownership can take a different approach and realize higher rents by extensively renovating the units and common areas, attracting millennial tenants who have proven to pay more for luxury units. The building is a very short walk to all that Koreatown has to offer.

FOR SALE DETAILS

PRICE

$2,000,000 USD

PRICE/SF

$145 USD /SF

# OF UNITS

10

PRICE/UNIT

$200,000

CAP RATE

5%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Prime Korea Town Value Add / 80% 2+2's!

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1961

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.21 AC

LAND SF

9,017 SF

ZONING

LAR3

APN/PARCEL ID

5503-004-017

ASK ABOUT THIS PROPERTY

Peter StraussIconic InvestmentsMore Info
310-993-7600

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Peter StraussIconic InvestmentsMore Info
310-993-7600

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