Existing 5.5% Cap w upside to 8.1% Cap | 204 N Manhattan Pl
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Existing 5.5% Cap w upside to 8.1% Cap 204 N Manhattan Pl
17 Unit Apartment Building $5,195,000 ($305,588/Unit) 5.50% Cap Rate Los Angeles, CA 90004
Investment Highlights
- Well maintained 17-unit 12,628 SF building in prime Hancock Park/Larchmont Village area cash flowing at an amazing Current Cap Rate of 5.5%!
- Majority of units have been recently renovated, making them move-in ready for tenants
- Large 14,364 SF R3 TOC Tier 3 corner lot for future development potential.
- Cash flowing at a current Cap Rate of 5.5% and 12.7 GRM with potential to increase to 8.1% Cap Rate and 9.4 GRM on proforma
- Individually metered for Gas & Electricity with soft-story retrofit already completed.
Executive Summary
Well-maintained 17-unit building cash flowing at an amazing Current Cap Rate of 5.5% and 12.7 GRM from day 1 with an incredible 35% upside to 8.1% Cap Rate and 9.4 GRM on proforma in prime Hancock Park/Larchmont Village area. Excellent and large unit mix of 6 (2bed/2bath) units, 2 (2bed/1bath) units, and 9 (1bed/1bath) units including 3 brand-new (1bed/1bath) ADUs. Additionally, 4 of the 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 covered parking spaces 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.
Property Facts
| Price | $5,195,000 | Apartment Style | Low Rise |
| Price Per Unit | $305,588 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 5.50% | Building Size | 12,628 SF |
| Gross Rent Multiplier | 12.7 | Average Occupancy | 94% |
| No. Units | 17 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1961/2023 |
| Property Subtype | Apartment | Parking Ratio | 0.87/1,000 SF |
| Price | $5,195,000 |
| Price Per Unit | $305,588 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 12.7 |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.33 AC |
| Building Size | 12,628 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built/Renovated | 1961/2023 |
| Parking Ratio | 0.87/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Storage Space
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | 708 |
| 2+1 | 3 | - | 987 |
| 2+2 | 5 | - | 987 |
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Walk Score ®
Walker's Paradise (96)
PROPERTY TAXES
| Parcel Number | 5517-004-011 | Improvements Assessment | $1,180,000 |
| Land Assessment | $2,400,000 | Total Assessment | $3,580,000 |
PROPERTY TAXES
Parcel Number
5517-004-011
Land Assessment
$2,400,000
Improvements Assessment
$1,180,000
Total Assessment
$3,580,000
zoning
| Zoning Code | R3 |
| R3 |
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Existing 5.5% Cap w upside to 8.1% Cap | 204 N Manhattan Pl
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