Large Six-Unit Apartments in Westlake

$1,450,000

945 S. Park View, LA 90006

# of Units: 6

Current & Pro Forma GRM:
16.47/10.20

Current & Pro Forma CAP Rate: 3.07%/6.69%

Price/SF: $186

Building SF: 7,790

Lot SF: 6,786

Zoning: LAR4-1 + Tier 3 

Year Built: 1903

Description​​​

945 S. Park View is a six (6) unit building in the Westlake/Koreatown submarket. The property has been in the hands of a long-term owner and has been professionally managed and passed SCEP in 2020. The corner lot is 6,786 SF and zoned LAR4 + TOC Tier 3 and is comprised of three attached duplexes - each very spacious at 2 bedrooms each and average 1,298 SF each. All units are separately metered for gas, electric, and units have individual hot water heaters. Long-term tenants are current on rent and have been paying throughout COVID. Since 2015 $60,000 has been spent on repairs and capital improvements, which includes remodeled balconies. An excellent opportunity for an investor seeking a "value add" opportunity. With numerous upcoming new developments slated for the area, this property is poised to be an excellent long-term play as units turn and the area continues to improve. 

 

Location

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.

  • Six Large Units

    • All 2Br+1Ba Units​

    • Average 1,289 SF each

    • Walk-Up Style Units

  • Passed SCEP in 2021

  • Professionally Managed Building

  • Rebuilt Balconies

  • Favorable Zoning

    • LAR4​

    • Tier 3 TOC

  • Near MacArthur Park and Purple Line Station

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