4651 Council St
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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.
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.
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 | Apartment Style | Low Rise |
Price Per Unit | $397,857 | Building Class | C |
Sale Type | Investment | Lot Size | 0.17 AC |
Cap Rate | 5.16% | Building Size | 7,444 SF |
Gross Rent Multiplier | 12.86 | Average Occupancy | 100% |
No. Units | 7 | No. Stories | 2 |
Property Type | Multifamily | Year Built | 1958 |
Property Subtype | Apartment | Parking Ratio | 1.34/1,000 SF |
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)
PROPERTY TAXES
Parcel Number | 5516-020-010 | Total Assessment | $2,043,626 |
Land Assessment | $1,115,517 | Annual Taxes | $33,142 ($4.45/SF) |
Improvements Assessment | $928,109 | Tax Year | 2024 |
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) |
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