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4651 Council St

7 Unit Apartment Building $2,785,000 ($397,857/Unit) 5.16% Cap Rate Los Angeles, CA 90004

Investment Highlights

  • The Neema Group of Marcus & Millichap is pleased to present a seven-unit investment opportunity in Koreatown at 4651 Council St
  • Ownership has completed full renovations of five units with upgrades
  • Opportunity to acquire an asset with little to no deferred maintenance and strong in-place cash flow at a 5.16% CAP rate and 12.86 GRM
  • The property features a unit mix of two onebedrooms and five two-bedrooms with 10 parking spaces; the soft story retrofit work has been completed
  • In addition to interior unit renovations, ownership has recently completed exterior and common area capital expenditures

Executive Summary

4651 Council St is located in the heart of Koreatown, one of the trendiest neighborhoods in Los Angeles. Boasting its a 10 minute drive to the heart of Downtown Los Angeles, the subject property provides residents with great transit options to experience the best Los Angeles has to offer. Located in a premier pedestrian location, the asset benefits from easy access to employment hubs, major creative studios, financial firms, entertainment and historical monuments.
Koreatown has seen a tremendous revitalization over the last decade. An influx of capital dedicated to the revitalization of Koreatown has attracted a new resident base of young urban dwellers. This new, hip client base has brought new restaurants, night clubs, and retail opportunities, making Koreatown one of the more desirable submarkets in the greater Los Angeles area.
In the past decade, Koreatown has experienced significant gentrification and development, specifically along Wilshire Boulevard. Most notable is the Vermont, a 462-unit luxury apartment with over 30,000 SF of retail and 600 covered parking spaces.
Additionally, residents are given convenient access to the Red and Purple Metro lines. The Red line offers service from the North Hollywood Arts district all the way to Union Station in Downtown LA. The purple line is currently undergoing an extension and once completed, will offer service to the current terminus at Wilshire/Western will extend westward for about nine miles and add seven new stations providing easy access to the Westside.

Attachments

Council.4651 OM

Financial Summary (Pro forma - 2024)

Annual Annual Per SF
Gross Rental Income $253,200 $34.01
Other Income $5,412 $0.73
Vacancy Loss $12,931 $1.74
Effective Gross Income $245,681 $33.00
Taxes $33,142 $4.45
Operating Expenses $35,038 $4.71
Total Expenses $68,180 $9.16
Net Operating Income $177,501 $23.84

Financial Summary (Pro forma - 2024)

Gross Rental Income
Annual $253,200
Annual Per SF $34.01
Other Income
Annual $5,412
Annual Per SF $0.73
Vacancy Loss
Annual $12,931
Annual Per SF $1.74
Effective Gross Income
Annual $245,681
Annual Per SF $33.00
Taxes
Annual $33,142
Annual Per SF $4.45
Operating Expenses
Annual $35,038
Annual Per SF $4.71
Total Expenses
Annual $68,180
Annual Per SF $9.16
Net Operating Income
Annual $177,501
Annual Per SF $23.84

Property Facts

Price $2,785,000
Price Per Unit $397,857
Sale Type Investment
Cap Rate 5.16%
Gross Rent Multiplier 12.86
No. Units 7
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.17 AC
Building Size 7,444 SF
Average Occupancy 100%
No. Stories 2
Year Built 1958
Parking Ratio 1.34/1,000 SF

Unit Amenities

  • Microwave
  • Washer/Dryer
  • Refrigerator
  • Oven
  • Stainless Steel Appliances
  • Range
  • Tub/Shower

Site Amenities

  • 24 Hour Access

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 2 - -
2+2 5 - -
Walk Score ®
Walker's Paradise (91)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
5516-020-010
Land Assessment
$1,115,517
Improvements Assessment
$928,109
Total Assessment
$2,043,626
Annual Taxes
$33,142 ($4.45/SF)
Tax Year
2024

zoning

Zoning Code R2-1 (Two-Family Dwellings R1 Uses, Home Occupations)
R2-1 (Two-Family Dwellings R1 Uses, Home Occupations)
  • Listing ID: 33536879

  • Date on Market: 10/16/2024

  • Last Updated:

  • Address: 4651 Council St, Los Angeles, CA 90004

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