Stats

• Sold Price $7,300,000
• Price per Units $228,125
• Price per Sq/Ft $357
• Cap Rate 4.63%
• GRM 13.42
• Number of Buildings 1
• Number of Units 32
• Gross Building Area 20,445 SF
• Lot Size 10,700 SF
• Floors 3
• Year Built 1964
• Parking 27
• Zoning LAR4-1

About the Property

SOLD!

The Kanner Group was pleased to present 932 S Westmoreland Ave, a 32-unit, 3-story, value- add multi-family investment opportunity. The property is situated just south of San Marino Street and east of S Vermont Avenue, in the highly desirable Koreatown submarket of Los Angeles.

Constructed in 1964, the building has a unit mix of 12 bachelor, 5 single, 12 (1+1), and 3 (2+1) units, which average approximately 550 square feet. 15 of the units (47%) have been upgraded over the years with select units featuring hardwood laminate flooring throughout, light airy cabinets, gorgeous quartz countertops, large closets, stainless steel fixtures and glass frameless shower doors among other improvements. The 20,445 square foot structure sits on a 10,700 square foot, LAR4-1 zoned lot.

The building’s roof was replaced in 2020, a new elevator was installed in 2019, new windows (building-wide) in 2018, and the parking garage features a new gate motor. The main entry, which opens into the lobby, features updated lighting — as does the lobby, hallways, and common area lounge space. The common lounge area is located in the rear yard and features a patio and elevated deck furnished with tables and chairs. The property’s security system consists of 16 cameras and 4 Ring cameras placed throughout the property. Additional ammenities include a common area laundry room, vending machines, and a secured garage parking with 27 parking spaces (25 assigned, 2 guest). The building is separately metered for electric, master metered for gas and contains a new master boiler.

With a Walk Score of 93, the property’s central Koreatown location offers tenants easy access to the surrounding neighborhoods of Mid-Wilshire, Mid-City, West Adams, and the revitalized Downtown Los Angeles. The property is close to the 10 freeway, the 101, and the 110, and is walking distance to public transportation (the Wilshire/Vermont Metro red/purple line station is just .6 miles away) and the countless local shopping and entertainment destinations lining Olympic Blvd, Vermont Ave, and Wilshire Blvd at Koreatown’s center.

932 S Westmoreland Ave was well-positioned for a seasoned value-add investor to continue a high-end unit and common area capital improvement/ renovation program that will demand market rents and achieve greater future returns. With its highly coveted Koreatown location and great rental upside potential, this was an extremely attractive opportunity for an investor to capitalize on tremendous upside and growth potential.