K-Town Adjacent | 8.5% CAP on Market Rents | 2375-2379 W 12th St
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K-Town Adjacent | 8.5% CAP on Market Rents 2375-2379 W 12th St
11 Unit Apartment Building $2,550,000 ($231,818/Unit) 3.40% Cap Rate Los Angeles, CA 90006
Investment Highlights
- Prime Koreatown location, bordering Downtown Los Angeles, offering strong demand and rental growth potential
- Significant rental upside with current rents over 70% below market, providing a potential Pro Forma CAP rate of over 8.5%
- Opportunity for further income growth through the addition of ADUs, subject to buyer verification
- 11 desirable large size units including one studio, six 1-bedroom units, and four 2-bedroom units
- Situated on a large 13,999 square foot corner lot with on-site laundry and parking garages
- R4-01 zoning and location within a Transit Priority Area present strong redevelopment potential
Executive Summary
The Pacific Partners of Colliers International is pleased to exclusively present 2375 W 12th Street, an 11-Unit multi-family apartment located in the Koreatown neighborhood of Los Angeles California, bordering Downtown. This value-add investment opportunity offers significant upside potential in a prime Southern California rental market.
Constructed in 1923, the two-story building comprises a mix of spacious units, including one studio, six one-bedroom/one-bath units, and four two-bedroom/one-bath units, totaling 12,306 rentable square feet. The property sits on a prominent 13,999 square foot corner lot and includes key amenities such as an on-site laundry facility and parking garages.
With current rents over 70% below market value, this property provides investors with a significant opportunity to increase rental income. The potential to achieve a Pro Forma CAP rate of over 8.5% makes this asset particularly attractive. Additional income growth may also be realized through the potential addition of accessory dwelling units (ADUs), subject to buyer verification and city approval.
Strategically located just minutes from Downtown Los Angeles and the heart of Koreatown, the property enjoys proximity to major business districts, popular retail outlets, restaurants, and grocery stores. It also benefits from excellent connectivity, with quick access to the 110 and 10 freeways and several public transportation options within Koreatown.
The property is further distinguished by its R4-01 zoning and designation within a Transit Priority Area, making it an ideal candidate for redevelopment. This presents an exciting opportunity for long-term investors looking to maximize returns in one of Los Angeles' most vibrant and high-demand areas.
Constructed in 1923, the two-story building comprises a mix of spacious units, including one studio, six one-bedroom/one-bath units, and four two-bedroom/one-bath units, totaling 12,306 rentable square feet. The property sits on a prominent 13,999 square foot corner lot and includes key amenities such as an on-site laundry facility and parking garages.
With current rents over 70% below market value, this property provides investors with a significant opportunity to increase rental income. The potential to achieve a Pro Forma CAP rate of over 8.5% makes this asset particularly attractive. Additional income growth may also be realized through the potential addition of accessory dwelling units (ADUs), subject to buyer verification and city approval.
Strategically located just minutes from Downtown Los Angeles and the heart of Koreatown, the property enjoys proximity to major business districts, popular retail outlets, restaurants, and grocery stores. It also benefits from excellent connectivity, with quick access to the 110 and 10 freeways and several public transportation options within Koreatown.
The property is further distinguished by its R4-01 zoning and designation within a Transit Priority Area, making it an ideal candidate for redevelopment. This presents an exciting opportunity for long-term investors looking to maximize returns in one of Los Angeles' most vibrant and high-demand areas.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$176,622
|
$14.35
|
| Other Income |
$5,400
|
$0.44
|
| Vacancy Loss |
$5,299
|
$0.43
|
| Effective Gross Income |
$176,723
|
$14.36
|
| Taxes |
$30,603
|
$2.49
|
| Operating Expenses |
$59,342
|
$4.82
|
| Total Expenses |
$89,945
|
$7.31
|
| Net Operating Income |
$86,778
|
$7.05
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $176,622 |
| Annual Per SF | $14.35 |
| Other Income | |
|---|---|
| Annual | $5,400 |
| Annual Per SF | $0.44 |
| Vacancy Loss | |
|---|---|
| Annual | $5,299 |
| Annual Per SF | $0.43 |
| Effective Gross Income | |
|---|---|
| Annual | $176,723 |
| Annual Per SF | $14.36 |
| Taxes | |
|---|---|
| Annual | $30,603 |
| Annual Per SF | $2.49 |
| Operating Expenses | |
|---|---|
| Annual | $59,342 |
| Annual Per SF | $4.82 |
| Total Expenses | |
|---|---|
| Annual | $89,945 |
| Annual Per SF | $7.31 |
| Net Operating Income | |
|---|---|
| Annual | $86,778 |
| Annual Per SF | $7.05 |
Property Facts
| Price | $2,550,000 | Building Class | C |
| Price Per Unit | $231,818 | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 12,306 SF |
| Cap Rate | 3.40% | Average Occupancy | 100% |
| Gross Rent Multiplier | 14.44 | No. Stories | 2 |
| No. Units | 11 | Year Built | 1923 |
| Property Type | Multifamily | Parking Ratio | 0.55/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $2,550,000 |
| Price Per Unit | $231,818 |
| Sale Type | Investment |
| Cap Rate | 3.40% |
| Gross Rent Multiplier | 14.44 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 12,306 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1923 |
| Parking Ratio | 0.55/1,000 SF |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 780 |
| 1+1 | 6 | - | 1,075 |
| 2+1 | 4 | - | 1,269 |
Walk Score ®
Walker's Paradise (91)
Transit Score ®
Excellent Transit (74)
Bike Score ®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 5076-012-009 | Total Assessment | $2,236,860 (2024) |
| Land Assessment | $1,560,600 (2024) | Annual Taxes | $30,603 ($2.49/SF) |
| Improvements Assessment | $676,260 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5076-012-009
Land Assessment
$1,560,600 (2024)
Improvements Assessment
$676,260 (2024)
Total Assessment
$2,236,860 (2024)
Annual Taxes
$30,603 ($2.49/SF)
Tax Year
2023
zoning
| Zoning Code | R4-2, Los Angeles |
| R4-2, Los Angeles |
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K-Town Adjacent | 8.5% CAP on Market Rents | 2375-2379 W 12th St
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