1723 Corinth Ave
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1723 Corinth Ave
10 Unit Apartment Building $2,295,000 ($229,500/Unit) 4.16% Cap Rate Los Angeles, CA 90025
Investment Highlights
- Prime West LA Location - West of the Sawtelle and South of Santa Monica Blvd.
- Seller's have plans for a new fully entitle 9 unit development project
- Currents rents are well below market. Value-add or new development opportunity
- 10 existing units that were constructed in 1957 - Two of those units are vacant
- New project will NOT have to comply with SB8 housing and will have zero low income units
- Tenants have been notified the property has been Ellised and the property is expected to be fully vacant in March of 2025
Executive Summary
1723 Corinth Ave is a ten (10) unit multi-family property that has entitled plans for a new nine (9) unit project. Located in a wonderful west LA location the property is a short distance to all the trendy restaurants and shops on Sawtelle Blvd., and in close proximity to Westwood, Santa Monica and Century City.
The existing two story building was constructed in 1957 is approximately 5,433 SF, and has an excellent unit mix of eight (8) 1 BR + 1 Bath and two (2) studio units. Two of the 1 BR + 1 Bath units are currently vacant, and the building still requires the seismic retrofit work for the tuck under parking structure.
The seller's have fully entitled plans for a new nine (9) unit development project. The new building will be four stories in heights with one level of subterranean parking. The total square footage of the new property will be approximately 10,251 SF and will have a five (5) 2 BR + 2 Bath, and four (4) 3 BR + 2 Bath Units. The new multi-family development does NOT require any of the units to be designated as low income and does not fall under SB8. All the tenants have been notified that the property has been Ellised and is expected to be fully vacant by March of 2025. Unique opportunity for a savvy value-add multi-family investor or developer looking to build a new apartment in prime West LA. Full development plans are available upon request.
The existing two story building was constructed in 1957 is approximately 5,433 SF, and has an excellent unit mix of eight (8) 1 BR + 1 Bath and two (2) studio units. Two of the 1 BR + 1 Bath units are currently vacant, and the building still requires the seismic retrofit work for the tuck under parking structure.
The seller's have fully entitled plans for a new nine (9) unit development project. The new building will be four stories in heights with one level of subterranean parking. The total square footage of the new property will be approximately 10,251 SF and will have a five (5) 2 BR + 2 Bath, and four (4) 3 BR + 2 Bath Units. The new multi-family development does NOT require any of the units to be designated as low income and does not fall under SB8. All the tenants have been notified that the property has been Ellised and is expected to be fully vacant by March of 2025. Unique opportunity for a savvy value-add multi-family investor or developer looking to build a new apartment in prime West LA. Full development plans are available upon request.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts In Escrow
| Price | $2,295,000 | Apartment Style | Low Rise |
| Price Per Unit | $229,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 4.16% | Building Size | 5,433 SF |
| Gross Rent Multiplier | 14.79 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1957 |
| Property Type | Multifamily | Parking Ratio | 1.47/1,000 SF |
| Property Subtype | Apartment |
| Price | $2,295,000 |
| Price Per Unit | $229,500 |
| Sale Type | Investment |
| Cap Rate | 4.16% |
| Gross Rent Multiplier | 14.79 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 5,433 SF |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 1.47/1,000 SF |
Unit Amenities
- Kitchen
- Tub/Shower
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $912.00 | 600 |
| 1+1 | 8 | $1,382 | 750 |
1 of 1
Walk Score ®
Walker's Paradise (92)
Bike Score ®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 4261-017-008 | Improvements Assessment | $546,820 (2024) |
| Land Assessment | $2,187,291 (2024) | Total Assessment | $2,734,111 (2024) |
PROPERTY TAXES
Parcel Number
4261-017-008
Land Assessment
$2,187,291 (2024)
Improvements Assessment
$546,820 (2024)
Total Assessment
$2,734,111 (2024)
zoning
| Zoning Code | R3, Los Angeles |
| R3, Los Angeles |
-
Errol Spiro -
Jon Bloom -
Miller & Desatnik Realty Corp.
(310) 202-9166
x303
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1723 Corinth Ave
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