We are pleased to present a seven-unit investment opportunity in Koreatown at 4651 Council St, a corner lot just south of Beverly Blvd. The property features an ideal unit mix of two one-bedrooms and five two-bedrooms with 10 parking spaces; the soft story retrofit work has been completed. Ownership has completed full renovations of five units with upgrades including in-unit washers & dryers, vinyl plank flooring, stainless steel appliances, new kitchen cabinets and tile backsplashes, new plumbing fixtures and improvements, new drywall, paint, and base moldings, and energy efficient LED lighting, among others. In addition to interior unit renovations, ownership has recently completed exterior and common area capital expenditures including LED lighting, house panel and subpanel upgrades, new door numbers, new landscaping, and new paint throughout the common areas. Opportunity to acquire an asset with little to no deferred maintenance and strong in-place cash flow at a 5.16% CAP rate and 12.86 GRM on current income with an additional 19% rental upside. High Walk Score of 93, close proximity to schools, employment, and transit options. Central location makes it convenient for residents to commute throughout the city to nearby neighborhoods such as Downtown LA, East Hollywood, Hollywood, Westlake, and Mid-City, among others. Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1billion invested in the development of Koreatown since the early 2000s and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles.
Property Details
Price:
$2,785,000
MLS #:
24454031
Status:
Active
Baths:
0
Address:
4651 Council Street
Type:
Residential Income
Neighborhood:
c18hancockparkwilshire
City:
Los Angeles
Listed Date:
Oct 17, 2024
State:
CA
ZIP:
90004
Lot Size:
7,424 sqft / 0.17 acres (approx)
Year Built:
1958
See this Listing
Mortgage Calculator
Schools
Interior
Appliances
Dishwasher, Microwave, Refrigerator
Heating
Central
Exterior
Parking Features
None
Parking Spots
10.00
Stories Total
2
Financial
Map
Community
- Address4651 Council Street Los Angeles CA
- AreaC18 – Hancock Park-Wilshire
- CityLos Angeles
- CountyLos Angeles
- Zip Code90004
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Courtesy of Marcus & Millichap. 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.
4651 Council Street
Los Angeles, CA
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