523 S Westmoreland Avenue

    Los Angeles (City), CA 90020
    • $10,500,000
    • STATUS: Active Under Contract
    • ON SITE: 153 days
    • ID#: 18365610
    Under Contract
    $10,500,000
    • 0
      BEDS
    • 0.23
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 30,280
      SQFT
    • $347
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1927
    County:

    School Ratings & Info

    Description

    San Mar Manor is a 56-unit 1920s vintage value- add opportunity located in the highly desirable Koreatown sub-market. Built in 1927, the subject property is constructed of reinforced masonry and is situated on a 10,200 square foot parcel, zoned LAR4. The property features well laid out floor plans consisting of 42 singles and 14 one-bedroom / one-bath units. The property is master-metered for all utilities and is subject to Los Angeles rent control statutes. San Mar Manor has undergone numerous capital improvements including a new electrical system that was completely re-wired less than 10 years ago and plumbing upgrades as units have been turned. Investors will have the opportunity to implement a comprehensive interior and exterior renovation to re-position the property into a truly unique 1920s vintage luxury community and increase rental income by an estimated 38 percent.

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    Based on information from CARETS as of 2018-12-17T23:46:46.557. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

    Licensed in the State of California, USA.
    www.scvnest.com/homes/85681739

    523 S Westmoreland Avenue Los Angeles (City), CA 90020

    • Price: $10,500,000
    • Status: Active Under Contract
    • ID#: 18365610
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.23
    Acres
    30,280
    SQFT
    $347
    $/SQFT
    1927
    Built
    Neighborhood:
    Mid-Wilshire (C17)
    County:
    Los Angeles
    Area:
    Mid-Wilshire (C17)
    Property Description
    San Mar Manor is a 56-unit 1920s vintage value- add opportunity located in the highly desirable Koreatown sub-market. Built in 1927, the subject property is constructed of reinforced masonry and is situated on a 10,200 square foot parcel, zoned LAR4. The property features well laid out floor plans consisting of 42 singles and 14 one-bedroom / one-bath units. The property is master-metered for all utilities and is subject to Los Angeles rent control statutes. San Mar Manor has undergone numerous capital improvements including a new electrical system that was completely re-wired less than 10 years ago and plumbing upgrades as units have been turned. Investors will have the opportunity to implement a comprehensive interior and exterior renovation to re-position the property into a truly unique 1920s vintage luxury community and increase rental income by an estimated 38 percent.
    Exterior Features

    Parking Spaces Total 0 Parking Type None

    Interior Features

    Cooling Type Other Heating Type Other Interior Features Other Total Floors 4 Unit Furnished01 Unfurnished Unit Furnished02 Unfurnished Unit Furnished03 Partially Unit Furnished04 Partially Unit Furnished05 Partially Unit Furnished06 Partially Unit Furnished07 Partially Unit Furnished08 Partially Unit Furnished09 Partially Unit Furnished10 Partially Unit Furnished11 Partially Unit Furnished12 Partially Unit Furnished13 Partially Unit Number Of Bath01 1.0 Unit Number Of Bath02 1.0 Unit Number Of Bed01 0 Unit Number Of Bed02 1

    Property Features

    Adjusted Gross Income 720252.00 Assessed Improvement Value 648576.00 Assessed Land Value 239860.00 Cap Rate 3.21 Country United States Of America Expense Total Annual 369319.00 Gross Operating Income 728052.00 Gross Rent Multiplier 14.58 Hoa YN N Legal Disclosures Take Property As Is Lot Size Source Public Records Net Operating Income 337126.00 Number Of Buildings 1 Special Conditions Standard Sale Square Footage Source Public Records Unit Monthly Rent01 1004.00 Unit Monthly Rent02 1275.00 Unit Projected Total Monthly Rent01 58590.00 Unit Projected Total Monthly Rent02 24500.00 Unit Total Monthly Rent01 42170.00 Unit Total Monthly Rent02 17851.00 Unit Type01 42 Unit Type02 14 Units Total In Complex 56 Zoning Lar4

    Listing provided courtesy of Sean Rosenzweig DRE#01406343 of Marcus & Millichap.


    Based on information from CARETS as of 2018-12-17T23:46:46.557. The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

    Licensed in the State of California, USA.
     
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