Lake Apartments | 1209 S Lake St
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Lake Apartments 1209 S Lake St
94 Unit Apartment Building $14,350,000 ($152,660/Unit) Los Angeles, CA 90006
Investment Highlights
- Opportunity to acquire a 94 multifamily units and a ±6,000 SF parking lot in Los Angeles.
- Opportunity to increase revenue by implementing a RUBS program to charge back for utilities.
- Property features a beauty art deco lobby, controlled access, storage, and well-designed units.
- Excellent value-add investment opportunity with strong cash flow and substantial upside potential.
- Additional income being generated from 6,000 SF parking lot, on-site laundry, and storage.
- Adjacent property at 1200 S Hoover (59 units) is also available for sale.
Executive Summary
Kidder Mathews is pleased to present the opportunity to acquire 1209 S Lake St and 2210 W 12 St, a unique 94-unit multifamily building and a 6,000 SF income producing parking lot with 16 spaces located in Pico Union near Downtown Los Angeles, a highly desirable and rapidly gentrifying submarket of Los Angeles. Originally constructed in 1926, the property is a well-maintained four-story apartment building, featuring a beautiful art-deco lobby, on-site parking, controlled access entry, laundry facilities, storage units, and security cameras. The Property features an ideal unit mix of 31 bachelors and 63 studio units.
The Property presents the rare opportunity for an investor to acquire an ideal value-add opportunity in a high-demand rental market with the potential to add significant value through additional renovations. The property is well-maintained and has undergone a series upgrades and renovations over the years. While the units have been modestly renovated over the years, through a complete interior renovation program, an investor will have the opportunity to increase lease rates and capitalize on the remaining rental upside. 1200 S Lake St is conveniently located in a dynamic and amenity rich location. With a Walk Score of 93, the Properties are a Walker’s Paradise and surrounded by entertainment, shops, dining, and cultural amenities along with local transportation.
The Properties are centrally located in dense, infill locations with close proximity to major employment centers including Downtown Los Angeles, Mid-Willshire, Miracle Mile, Hollywood, West Hollywood, Beverly Hills, and Century City. Further, tenants are just a short walk to the Westlake/ MacArthur Park Purple/Red Line Metro Stations, connecting them to Downtown Los Angeles. The Purple Line is currently undergoing construction to extend the line by 2026 with new stations servicing Beverly Hills, Westwood and Brentwood. The Property is a rare value-add investment opportunity with strong cash flow and significant upside potential.
The Property presents the rare opportunity for an investor to acquire an ideal value-add opportunity in a high-demand rental market with the potential to add significant value through additional renovations. The property is well-maintained and has undergone a series upgrades and renovations over the years. While the units have been modestly renovated over the years, through a complete interior renovation program, an investor will have the opportunity to increase lease rates and capitalize on the remaining rental upside. 1200 S Lake St is conveniently located in a dynamic and amenity rich location. With a Walk Score of 93, the Properties are a Walker’s Paradise and surrounded by entertainment, shops, dining, and cultural amenities along with local transportation.
The Properties are centrally located in dense, infill locations with close proximity to major employment centers including Downtown Los Angeles, Mid-Willshire, Miracle Mile, Hollywood, West Hollywood, Beverly Hills, and Century City. Further, tenants are just a short walk to the Westlake/ MacArthur Park Purple/Red Line Metro Stations, connecting them to Downtown Los Angeles. The Purple Line is currently undergoing construction to extend the line by 2026 with new stations servicing Beverly Hills, Westwood and Brentwood. The Property is a rare value-add investment opportunity with strong cash flow and significant upside potential.
Property Facts
| Price | $14,350,000 | Building Class | B |
| Price Per Unit | $152,660 | Lot Size | 0.38 AC |
| Sale Type | Investment | Building Size | 52,968 SF |
| No. Units | 94 | Average Occupancy | 99% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1926 |
| Apartment Style | Mid Rise |
| Price | $14,350,000 |
| Price Per Unit | $152,660 |
| Sale Type | Investment |
| No. Units | 94 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.38 AC |
| Building Size | 52,968 SF |
| Average Occupancy | 99% |
| No. Stories | 4 |
| Year Built | 1926 |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Laundry Facilities
- Storage Space
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 94 | - | 410 - 590 |
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Walk Score ®
Walker's Paradise (93)
Transit Score ®
Excellent Transit (76)
Bike Score ®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 5136-025-003 | Improvements Assessment | $4,371,568 |
| Land Assessment | $1,908,709 | Total Assessment | $6,280,277 |
PROPERTY TAXES
Parcel Number
5136-025-003
Land Assessment
$1,908,709
Improvements Assessment
$4,371,568
Total Assessment
$6,280,277
zoning
| Zoning Code | LAR4 |
| LAR4 |
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Lake Apartments | 1209 S Lake St
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