Chateau Carondelet | 667 S Carondelet
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Chateau Carondelet 667 S Carondelet
59 Unit Apartment Building $8,250,000 ($139,831/Unit) 6.41% Cap Rate Los Angeles, CA 90057
Investment Highlights
- Marcus & Millichap is pleased to present Chateau Carondelet at 667 S Carondelet St, a 59-unit multi-family investment opportunity in Westlake
- The property features a unit mix of 41 singles and 18 one bedrooms
- The building is separately metered for electricity and has an on-site laundry room with three washers and three dryers
- Located two blocks west of MacArthur Park between Wilshire Blvd & 7th St and just east of Koreatown
- At the asking price, the property is being offered at a 6.41% CAP rate at 8.99 GRM on current income with 15% rental upside
Executive Summary
The Neema Group of Marcus & Millichap is pleased to present Chateau Carondelet at 667 S Carondelet St, a 59-unit multi-family investment opportunity in the Westlake neighborhood of Los Angeles located two blocks west of MacArthur Park between Wilshire Blvd & 7th St and just east of Koreatown.
The property features a unit mix of 41 singles and 18 one-bedrooms; many units have high ceilings and exposed brick; renovated units include refinished hard wood floors, updated appliances, tile bathrooms, new cabinetry, ceiling fans, and walk-in closets.
At the asking price, the property is being offered at a 6.41% CAP rate at 8.99 GRM on current income with an additional 15% rental upside achievable as units turn through continued interior renovations.
Enhancements to Chateau Carondelet include professional landscaping and robust security features such as a gated entrance with intercom access and newly installed security cameras. Significant capital expenditures have been made in both the building’s infrastructure and communal areas to maintain high standards of living. Additionally, the building is separately metered for electricity, and features a laundry facility that includes three washers and three dryers managed under a lease agreement.
High Walk Score of 95, the property is walking distance to the Metro A-E Rail Lines, and Metro Local Lines along Wilshire Blvd & 7th St. This neighborhood of Westlake is ideally located with a short commute to Downtown Los Angeles, Hollywood, and Koreatown. Proximity to MacArthur Park, Echo Park, Doger Stadium, and The Broad Museum.
The property features a unit mix of 41 singles and 18 one-bedrooms; many units have high ceilings and exposed brick; renovated units include refinished hard wood floors, updated appliances, tile bathrooms, new cabinetry, ceiling fans, and walk-in closets.
At the asking price, the property is being offered at a 6.41% CAP rate at 8.99 GRM on current income with an additional 15% rental upside achievable as units turn through continued interior renovations.
Enhancements to Chateau Carondelet include professional landscaping and robust security features such as a gated entrance with intercom access and newly installed security cameras. Significant capital expenditures have been made in both the building’s infrastructure and communal areas to maintain high standards of living. Additionally, the building is separately metered for electricity, and features a laundry facility that includes three washers and three dryers managed under a lease agreement.
High Walk Score of 95, the property is walking distance to the Metro A-E Rail Lines, and Metro Local Lines along Wilshire Blvd & 7th St. This neighborhood of Westlake is ideally located with a short commute to Downtown Los Angeles, Hollywood, and Koreatown. Proximity to MacArthur Park, Echo Park, Doger Stadium, and The Broad Museum.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$901,092
|
$32.00
|
| Other Income |
$16,896
|
$0.60
|
| Vacancy Loss |
$45,899
|
$1.63
|
| Effective Gross Income |
$872,089
|
$30.97
|
| Taxes |
$99,000
|
$3.52
|
| Operating Expenses |
$244,442
|
$8.68
|
| Total Expenses |
$343,442
|
$12.20
|
| Net Operating Income |
$528,647
|
$18.78
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $901,092 |
| Annual Per SF | $32.00 |
| Other Income | |
|---|---|
| Annual | $16,896 |
| Annual Per SF | $0.60 |
| Vacancy Loss | |
|---|---|
| Annual | $45,899 |
| Annual Per SF | $1.63 |
| Effective Gross Income | |
|---|---|
| Annual | $872,089 |
| Annual Per SF | $30.97 |
| Taxes | |
|---|---|
| Annual | $99,000 |
| Annual Per SF | $3.52 |
| Operating Expenses | |
|---|---|
| Annual | $244,442 |
| Annual Per SF | $8.68 |
| Total Expenses | |
|---|---|
| Annual | $343,442 |
| Annual Per SF | $12.20 |
| Net Operating Income | |
|---|---|
| Annual | $528,647 |
| Annual Per SF | $18.78 |
Property Facts
| Price | $8,250,000 | Apartment Style | Mid Rise |
| Price Per Unit | $139,831 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Cap Rate | 6.41% | Building Size | 28,156 SF |
| Gross Rent Multiplier | 8.99 | Average Occupancy | 98% |
| No. Units | 59 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1917 |
| Property Subtype | Apartment | Parking Ratio | 0.11/1,000 SF |
| Price | $8,250,000 |
| Price Per Unit | $139,831 |
| Sale Type | Investment |
| Cap Rate | 6.41% |
| Gross Rent Multiplier | 8.99 |
| No. Units | 59 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.30 AC |
| Building Size | 28,156 SF |
| Average Occupancy | 98% |
| No. Stories | 5 |
| Year Built | 1917 |
| Parking Ratio | 0.11/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Security System
- Energy Star Labeled
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 41 | - | 325 - 400 |
| 1+1 | 18 | - | 600 |
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Walk Score ®
Walker's Paradise (95)
Transit Score ®
Excellent Transit (85)
PROPERTY TAXES
| Parcel Number | 5141-007-002 | Total Assessment | $9,034,361 (2024) |
| Land Assessment | $7,964,804 (2024) | Annual Taxes | $99,000 ($3.52/SF) |
| Improvements Assessment | $1,069,557 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5141-007-002
Land Assessment
$7,964,804 (2024)
Improvements Assessment
$1,069,557 (2024)
Total Assessment
$9,034,361 (2024)
Annual Taxes
$99,000 ($3.52/SF)
Tax Year
2023
zoning
| Zoning Code | R4 |
| R4 |
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Chateau Carondelet | 667 S Carondelet
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