Twelve - Units in Westlake on Two Lots

$2,500,000

924-930 Grand View, LA 90006

# of Units: 12

Current & Pro Forma GRM: 17.22/9.85

Current & Pro Forma CAP Rate: 3.22%/7.32%

Price/SF: $302

Building SF: 8,276

Lot SF: 15,028

Zoning: LAR4 - Tier 3 TOC

Year Built: 1941

Description​​​

924 & 930 S. Grand View St sits on two large lots with two APNs on the border of Westlake/Koreatown. The subject property features 12 units - all 1BR units and an average of 690 SF each. The property is professionally managed and is fully gated with secure entry. In the rear alley are six - two-car garages that are rented out for additional income. The property passed SCEP in 2020 and is 100% occupied. Located in a Tier 3 TOC, this property could be a potential development as the TOC incentive would allow for up to 63 units to be built. An excellent opportunity in an improving location bordering Koreatown.

 

Location

924-932 S. Grand View sits on a two large lot on the border of Westlake/Koreatown. The subject property sits between Wilshire and Olympic Blvd in the submarket of Westlake/Pico-Union. It is well situated as it enjoys ease of access to DTLA, Silver Lake, and Echo Park. Less than a mile from the property is the Westlake/MacArthur Park Purple Line station which runs between Koreatown and DTLA. Within the next decade, the Purple Line station will be expanded west to reach LACMA, Beverly Hills, and UCLA and is expected to open in phases between 2023-2027. 

Property Highlights

  • Very Walkable Location Near Hoover

    • 94 Walk Score​

    • Pharmacy, Grocery Stores, Restaurants, and Banks all within a 1.5-mile radius.

  • Large Lot w/Two APNs 

  • Current GRM 17.22

  • Two Separate Buildings

    • Building 1 4,138 SF  

    • Building 2 4,138 SF

    • Six Garages in Rear

  • 76% Rental Upside

  • Passed SCEP in 2021

  • Low Price Per SF- $302/SF

  • LAR4 + Tier 3 TOC

  • Development Opportunity

    • 63 Buildable Units w/TOC​

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