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$7,000,000
Est. payment /mo
31,500 SqFt
UPDATED:
01/07/2025 05:01 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 31,500 sqft
Price per Sqft $222
MLS Listing ID CL25477465
HOA Y/N No
Year Built 1914
Lot Size 0.430 Acres
Acres 0.43
Property Sub-Type Other
Property Description
We are pleased to present 915 S Carondelet St, a 48-unit multifamily investment opportunity in the Westlake neighborhood of Los Angeles located three blocks south of MacArthur Park between S Hoover St & James M Wood Blvd and just east of Koreatown. Unique opportunity that includes the adjacent lot, currently used for parking with 18 spaces; the lot totals 6,000 SF zoned R4-1 in a Tier 3 TOC. The building features a unit mix of one bachelor, 33 singles, six one bedrooms and eight two-bedrooms; renovated units include refinished hardwood floors, updated appliances, tile bathrooms, new cabinetry, and ceiling fans; many of the units feature exposed brick. At the asking price, the property is being offered at a 5.64% CAP rate at 9.01 GRM on current income with an additional 28% rental upside achievable as units turn through continued interior renovations. The property has a secured, gated entrance with intercom access and security cameras; common areas are well-kept and there is a community laundry room. High Walk Score of 94, the property is one mile from the Metro A-E Rail Lines, and walking distance to multiple Metro Local Lines along S Hoover St & W 8th St. This neighborhood of Westlake is ideally located with a short commute to Downtown Los Angeles, Hollywood, and Koreatown.
Location
State CA
County Los Angeles
Zoning LAR4
Interior
Heating None
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 5136001005
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Listed by Neema Ahadian • Marcus & Millichap