1406 2nd Avenue | Koreatown Multifamily
- 4 Units | 2 Bedroom / 1 Bath Each
- Approx. 1,230 Sq Ft Per Unit — Nearly 25% Larger Than KTown Market Average
- 3 of 4 Units Fully Rehabbed | Hardwood Floors | Granite Countertops | In-Unit W/D
- 8 On-Site Parking Spaces | 2 Per Unit
- Separate Water Meters on 3 Units | Tenants Pay Own Water
- Full Plumbing Replacement (2018) | New Water Heaters (2024) | Silicone-Coated Roof
- One Unit Anticipated Vacant August 2025 | Market Rent $2,800/Month
- Ideal 1031 Exchange Replacement Asset
Property Description
The Opportunity
This exceptional Koreatown 4-unit delivers everything today's savvy investor demands — proven income, turnkey condition, significant upside, and an irreplaceable location that continues to attract quality long-term tenants year after year.
What immediately sets this property apart is its extraordinary unit size. Each of the four generously proportioned 2-bedroom, 1-bath residences spans approximately 1,230 square feet — nearly 25% larger than the Koreatown market average — offering expansive living and dining areas that tenants simply cannot find elsewhere at this price point.
The Value-Add Angle
Three units are fully rehabbed and operating at top-of-market rents today. The fourth unit remains unrehabbed — giving the incoming buyer a clear, low-risk path to increase NOI from day one without taking on a full repositioning project. One unit is anticipated to become vacant at the end of August, presenting an immediate opportunity to lease at full market rate of $2,800 per month and accelerate the property's income trajectory from the moment of acquisition.
Capital Improvements Complete
The seller has been a thoughtful steward of this asset. Major capital improvements are already done:
- Full plumbing replacement completed 2018
- Brand new water heaters installed 2024
- Durable silicone-coated roof in place
These are not deferred maintenance items — they are completed projects representing real dollars saved and real peace of mind delivered to the new owner.
Operational Efficiencies
Separate water meters on three units allow tenants to pay their own water bills, directly improving net operating income and reducing the owner's ongoing utility exposure. Eight generously sized on-site parking spaces — two per unit — serve as both a powerful tenant retention tool and a potential additional revenue source in a neighborhood where parking commands a premium.
The Location
Koreatown is one of Los Angeles' most supply-constrained and in-demand rental submarkets. Strong demographics, exceptional walkability, proximity to DTLA, and consistent renter demand make this a compelling long-term hold with enduring appreciation fundamentals.
For the 1031 Exchange Buyer
This property is an ideal replacement asset — ready to close, immediately income-producing, requiring no additional capital investment, and positioned in a market with strong long-term fundamentals.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | 2-4 Units |
| No. of Units: | 3 |
| Cap Rate: | 4.81% |
| GRM /GIM: | 15.85 |
| Average Occupancy: | 100 |
| Year Built: | 1924 |
| Building Size: | 4,888 Sq ft |
| Lot Size: | 7,504.00 Acres |
| No. of Stories: | 2 |
| APN: | 5072-037-011 |
| Zoning Code: | LARD1.5 |
| Opportunity Zone: | No |
| Parking Spaces: | 8-Side by Side |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Gross income: | 119124 |
| Effective Gross income: | 119124 |
| Operating expenses: | 28232 |
| Net operating income: | 90892 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Herbert L McGurk II | 3107395511 | [email protected] |
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