Stats

• Listing Price $3,985,000
• Price Per Units $199,250
• Price Per Sq/Ft $369
• Cap Rate 5.28%
• GRM 12.11
• Number of Buildings 1
• Number of Units 20 Units
• Gross Building Areas 10,786
• Lot Size 8,999
• Floors 2
• Year Built 1938
• Parking 10 Individual Garage Parking Spots
• Zoning LAR3-1-HPOZ

About the Property

The Kanner Group is pleased to present 821 S Wilton Place, a Character French Normandy style 2-story, 20-unit value-add multi-family investment opportunity with 27%+ rental upside potential, located in the highly desirable Hancock Park adjacent submarket of Los Angeles, just west of Western Ave and south of Wilshire Blvd.

Built in 1938, the building is comprised of 19 studios and 1 (1+1) units that average approximately 540+ gross square feet. Additionally, there are two non-conforming/bonus units in the basement, affording an investor the flexibility to capitalize on the potential addition of accessory dwelling units (ADU). The 10,786 square foot structure is situated on an 8,999 square foot LAR3 zoned lot. The property includes a rear backyard featuring mature pine trees, providing ample shade to this outdoor common area. There are 10 individual parking spots (with space to add bicycle and motorcycle parking) in the garage located below the building.

The building’s units feature large windows and include much of the original, colorful tile in the bathroom’s stall showers and floor, and 11 of the units maintain hardwood flooring throughout. The property is separately metered for gas and electric, and there is a common area laundry room and master water heater in the basement.

With a Walk Score of 84, the property’s Hancock Park adjacent location, near the Wilshire Blvd and Western Ave intersection and 0.6 miles from the Wilshire/Western Metro Station, offers residents easy access to the countless shopping, dining, entertainment, and recreation options of Koreatown, Larchmont Village, Wilshire Center, Mid-Wilshire, and the revitalized Downtown Los Angeles less than 4 miles to the east. The building is 1.35 miles north of the 10 freeway, 2 miles south of the 2 and 101, and 3 miles northwest of the 110. 821 S Wilton Pl is well-positioned for a skilled value-add investor to implement a high-end unit/common area renovation program optimizing market rents, appreciation, and future returns.