We are pleased to present for sale, the epitome of urban living in the Koreatown/Westlake submarket of Los Angeles. The La Fayette Garden Apartments is a 15-unit true-value add building rip for new ownership to renovate and reposition the asset to suit the surrounding area. This wide, tree lined street, is known to be a premier location with the many meticulously renovated buildings owned by some of the largest institutional investors. Owners on La Fayette has historically achieved significantly higher rents than other streets within this submarket because of its charm. La Fayette Gardens features a unit mix of 6 studios and 9 one bedroom/one bath units across +/- 10,340 square feet of improvements on a +/- 10,981 square foot lot. The property is listed at $160,000 per unit which far below what other properties in the area trade for. This gives a buyer cushion to execute their business plan of turning units, renovate and reposition, and the ability to achieve market rents. Other properties on La Fayette that benefit from extensive renovations proves that renters are willing to pay for a superior product on this premier street. The property has a rear parking lot with 12 individual spaces, is individually metered for electricity, master metered for water and sewer, and individually metered for gas (each unit has their own individual water heater). This is a true value-add opportunity with a low cost per unit and square foot, and the ability to add tremendous amount of value. Please contact listing agents for full offering memorandum.
Property Details
Price:
$2,400,000
MLS #:
24397453
Status:
Active
Baths:
0
Address:
137 S La Fayette Park Place
Type:
Residential Income
Neighborhood:
c42downtownla
City:
Los Angeles
Listed Date:
May 29, 2024
State:
CA
ZIP:
90057
Lot Size:
10,984 sqft / 0.25 acres (approx)
Year Built:
1950
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Schools
Interior
Heating
Wall Furnace
Exterior
Parking Features
Gated, Side by Side
Parking Spots
12.00
Financial
Map
Community
- Address137 S La Fayette Park Place Los Angeles CA
- AreaC42 – Downtown L.A.
- CityLos Angeles
- CountyLos Angeles
- Zip Code90057
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Courtesy of Iconic Investments. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
137 S La Fayette Park Place
Los Angeles, CA
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