501 S. KINGSLEY DRIVE

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Address: 501 S. KINGSLEY DRIVE, Los Angeles, California, US
Created date: December 1, 2023
Date last updated: December 1, 2023

-Value Add Opportunity – 22 -units located in the heart of Koreatown

-Can be purchased with neighboring 515 South Kingsley Drive, 16-units (38-unit portfolio)

-Potential long term development play 501 & 515 S. Kingsley Dr combined lot size 0.52acres (22,470sf) is LAR 4 zoned which allows for potential development of 56-units by right and located in Tier 3 TOC Zone which allows for development of additional units (buyer to conduct its own investigations)

-Favorable Assumable Debt 6.29% fixed for approximately 4 more years

-Current rents are approximately 31% under market providing a new investor the opportunity to renovate units and common areas to maximize rental income

-Building consists of(19)studio/one-bath room units and(3)one-bedroom/one-bathroom units

-The property features controlled access, pool, covered parking and on-site laundry facility

-The units feature laminate flooring, air-conditioning and renovated kitchens with new cabinetry and stone countertops(select units)

-Soft Story Seismic Retrofit Completed

-Walk Score of 93: located just a short walk to trendy coffeeshops, cafes, bars, restaurants, and retail along both Wilshire Boulevard and WesternAvenue

-Conveniently located near the 101, 10 and 110 freeways and just a short drive to job centers such as Hollywood, Century City, Beverly Hills and Downtown LA

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
Price: $4,750,000
No. of Units: 22
Cap Rate: 4.3%
GRM /GIM: 13.59
Building Size: 11,274 Sq ft
Lot Size: 11,210.00 Sq ft
Opportunity Zone: No
Price per unit: $215,909
Address: 501 S. KINGSLEY DRIVE, Los Angeles, California, US

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