Koreatown
3 Multifamily Properties Offered at $17,825,000 in Los Angeles, CA
EXECUTIVE SUMMARY
Multifamily Value-Add Opportunity
• 2892 W 7th St, 129 N Oxford Ave, and 746 S Normandie Ave are offered at an attractive basis of $141,667, $175,000, and $141,429 per unit, respectively
• 120 units across three properties, well maintained by the same owner for over 25 years
• All properties priced below replacement cost at an average of $148,542 per unit, $243 per square-foot, a 5.53% cap rate and a 7.26% pro forma cap rate—to be purchased individually or in bulk
• Rental upside of 12% through operational efficiencies, strategic renovations of units and common areas, implementing a RUBS program, and exploring the addition of ADUs
• Residents benefit from spacious floor plans, 8 to 10 foot ceilings, large windows with ample lighting, on-site laundry facilities, controlled access, and select units providing sweeping city views of the Los Angeles skyline
Strong Multifamily Fundamentals
• Koreatown home sale prices have risen 2.6% over the past year and are projected to rise an additional 3.8% within the year
• Submarket asking rents expected to rise 11.3% over the next five years
• Koreatown occupancy averaged 96% over the past five years
• Renters make up 95.5% of housing population within a one-mile radius
• Average household income of $94,714 within a five-mile radius and expected to rise 10% over the next five years
Well-located at the Epicenter between Downtown Los Angeles and Hollywood
• All three properties sit within walking distance of major Koreatown nightlife, dining, and shopping attractions, including Chapman Plaza, The LINE Hotel, and City Center on 6th
• Koreatown is one of the most historic, diverse, and densely populated areas in Los Angeles
• 2892 W 7th St, 129 N Oxford Ave, and 746 S Normandie Ave boast incredible Walker’s Paradise scores of 94, 97, and 95, respectively
• All properties are less than 15 minutes walking distance to the Wilshire/Normandie B Line and Wilshire/Vermont B and D Line Metro Stations, offering tenants excellent access across the LA metro
• 2892 W 7th St, 129 N Oxford Ave, and 746 S Normandie Ave are offered at an attractive basis of $141,667, $175,000, and $141,429 per unit, respectively
• 120 units across three properties, well maintained by the same owner for over 25 years
• All properties priced below replacement cost at an average of $148,542 per unit, $243 per square-foot, a 5.53% cap rate and a 7.26% pro forma cap rate—to be purchased individually or in bulk
• Rental upside of 12% through operational efficiencies, strategic renovations of units and common areas, implementing a RUBS program, and exploring the addition of ADUs
• Residents benefit from spacious floor plans, 8 to 10 foot ceilings, large windows with ample lighting, on-site laundry facilities, controlled access, and select units providing sweeping city views of the Los Angeles skyline
Strong Multifamily Fundamentals
• Koreatown home sale prices have risen 2.6% over the past year and are projected to rise an additional 3.8% within the year
• Submarket asking rents expected to rise 11.3% over the next five years
• Koreatown occupancy averaged 96% over the past five years
• Renters make up 95.5% of housing population within a one-mile radius
• Average household income of $94,714 within a five-mile radius and expected to rise 10% over the next five years
Well-located at the Epicenter between Downtown Los Angeles and Hollywood
• All three properties sit within walking distance of major Koreatown nightlife, dining, and shopping attractions, including Chapman Plaza, The LINE Hotel, and City Center on 6th
• Koreatown is one of the most historic, diverse, and densely populated areas in Los Angeles
• 2892 W 7th St, 129 N Oxford Ave, and 746 S Normandie Ave boast incredible Walker’s Paradise scores of 94, 97, and 95, respectively
• All properties are less than 15 minutes walking distance to the Wilshire/Normandie B Line and Wilshire/Vermont B and D Line Metro Stations, offering tenants excellent access across the LA metro
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $17,825,000 |
| Price / SF | $245.41 / SF |
| Cap Rate | 5.53% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 72,634 SF |
| Total Land Area | 0.55 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 129 N Oxford Ave, Los Angeles, CA 90004 | Multifamily | 11,404 SF | 1927 | - |
| 746 S Normandie Ave, Los Angeles, CA 90005 | Multifamily | 26,380 SF | 1935 | - |
|
7th St
2892 W 7th St, Los Angeles, CA 90005 |
Multifamily | 34,850 SF | 1923 | - |
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