1144 Elden Ave

Los Angeles, CA 90006

$3,000,000
12 units, 9,758 sqft

ABOUT THE PROPERTY

1144 Elden, a 12-unit property not subject to LA City rent control.

Built in 1986, this property currently allows an annual rent increase of 8.8% (5% plus the Consumer Price Index). Please note, the property is located in an opportunity zone, offering the new owner a potential federal capital gains tax incentive (buyer to verify).

Comprised of (6) 2-bdrm. and 1.5-bath units and (6) 1-bdrm. units, these units offer approx. 34% rental upside compared to renovated units in the area. Property amenities include on-grade gated parking and a laundry room. 1144 Elden is offered at $307 per foot, $250,000 per unit, 9.42 market GRM, and 7.19% market CAP.

Located just south of Koreatown, near Olympic and Vermont, the property is surrounded by many multifamily and mixed-use projects currently under construction or recently completed. Across the street from the subject property is a Grubb Properties project spanning a city block, featuring 228 units and 50,000 SF of commercial space (ground floor leased by Target).

LOCATION

KEY INFORMATION

Status: For Sale
Current Cap Rate: 4.56%
Proforma Cap Rate: 7.19%
Year Built: 1986
Lot Size: 7,000 sqft
Property Type: Multi unit
Zoning: LAR3
APN: 5076-012-008

LISTING AGENT