2942 W 12th St
Property Description
NRE is pleased to present the opportunity to acquire 2942 W 12th Street, a charming triplex located in the heart of Koreatown/Olympic Park, Los Angeles. The property consists of two buildings — a detached 5 Bed / 2 Bath Craftsman house (2,134 SF) and a duplex with a 3 Bed / 1 Bath unit and a 4 Bed / 2 Bath unit — totaling 5,020 rentable square feet. Offered at only $219 /SF, the property presents a compelling value-add investment with current rents significantly below market.The two occupied units are currently generating $2,959/month combined at deeply below-market rents, with the 5 Bed / 2 Bath house delivered vacant to the buyer at an estimated market rent of $4,500/month. Current in-place rents reflect over 50% upside to market. At the asking price, the property is at a 5.5% current cap rate with a clear path to a 9.4% pro forma cap rate upon lease-up and rent stabilization.Situated in one of Los Angeles’ most transit-rich and walkable neighborhoods (Walk Score: 93), the property benefits from strong and growing renter demand driven by proximity to Downtown LA, the Metro Purple Line, and Koreatown’s renowned dining and entertainment corridor. The R-3 zoning, with Tier 2 TOC Program eligibility, provides additional long-term upside through potential density-bonus redevelopment. This is an ideal opportunity for an owner-occupant or value-add investor seeking strong cash flow with significant rent growth potential in a premier infill Los Angeles location.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,150,000 |
| Lot Size: | 5.00 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
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