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Created date: December 1, 2023
Date last updated: December 1, 2023

Property Description

Marcus & Millichap is pleased to present 515 South Kingsley Drive, a value add 16-unit apartment building located in the heart of Koreatown. Built in 1959, the property consists of (16)one-bedroom/one-bathroom units. Current rents are approximately 50% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income.The property features controlled access, covered parking and an on-site laundry facility. The units feature laminate flooring, air-conditioning and renovated kitchens with new cabinetry and stone countertops (select units).The 12,516 sf building sits on a11,260 sf lot that is LAR4 zoned.This property can be purchased along with neighboring 501 South Kingsley Drive, 22-units (38-unit portfolio). 515 South Kingsley Drive boasts a Walk

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
Price: $3,350,000
No. of Units: 16
Cap Rate: 3.95%
GRM /GIM: 13.44
Year Built: 1959
Building Size: 12,516 Sq ft
Lot Size: 11,260.00 Sq ft
Opportunity Zone: No
Price per unit: $209,375

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