523 S Westmoreland Avenue

    Los Angeles (City), CA 90020
    • $10,500,000
    • STATUS: Active Under Contract
    • ON SITE: 146 days
    • ID#: 18365610
    Under Contract
    UPDATED: 31 min ago
    $10,500,000
    • 0
      BEDS
    • 0.23
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 30,280
      SQFT
    • $347
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1927
    County:

    School Ratings & Info

    Description

    San Mar Manor is a 56-unit 1920s vintage value- add opportunity located in the highly desirable Koreatown sub-market. Built in 1927, the subject property is constructed of reinforced masonry and is situated on a 10,200 square foot parcel, zoned LAR4. The property features well laid out floor plans consisting of 42 singles and 14 one-bedroom / one-bath units. The property is master-metered for all utilities and is subject to Los Angeles rent control statutes. San Mar Manor has undergone numerous capital improvements including a new electrical system that was completely re-wired less than 10 years ago and plumbing upgrades as units have been turned. Investors will have the opportunity to implement a comprehensive interior and exterior renovation to re-position the property into a truly unique 1920s vintage luxury community and increase rental income by an estimated 38 percent.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-10T07:26:46.967. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.teamforss.com/homes/85669910

    523 S Westmoreland Avenue Los Angeles (City), CA 90020

    • Price: $10,500,000
    • Status: Active Under Contract
    • Updated: 31 min ago
    • ID#: 18365610
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.23
    Acres
    30,280
    SQFT
    $347
    $/SQFT
    1927
    Built
    Neighborhood:
    C17 - Mid-Wilshire
    County:
    Los Angeles
    Area:
    C17 - Mid-Wilshire
    Property Description
    San Mar Manor is a 56-unit 1920s vintage value- add opportunity located in the highly desirable Koreatown sub-market. Built in 1927, the subject property is constructed of reinforced masonry and is situated on a 10,200 square foot parcel, zoned LAR4. The property features well laid out floor plans consisting of 42 singles and 14 one-bedroom / one-bath units. The property is master-metered for all utilities and is subject to Los Angeles rent control statutes. San Mar Manor has undergone numerous capital improvements including a new electrical system that was completely re-wired less than 10 years ago and plumbing upgrades as units have been turned. Investors will have the opportunity to implement a comprehensive interior and exterior renovation to re-position the property into a truly unique 1920s vintage luxury community and increase rental income by an estimated 38 percent.
    Exterior Features

    Lot Size Source Assessor Lot Size Units Square Feet

    Interior Features

    Cooling See Remarks Cooling YN Yes Laundry Features See Remarks

    Property Features

    Cap Rate 3.21 Gross Multiplier 14.58 Gross Operating Income 728052.00 Improvements Amount 648576 Land Value 239860 Laundry YN Yes Net Operating Income 337126.00 Special Listing Conditions Standard Total Expenses 369319.00 Zoning Lar4

    Listing provided courtesy of Sean Rosenzweig of Marcus & Millichap.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-10T07:26:46.967. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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