406 S ST ANDREWS Pl, Los Angeles, CA 90020

Property Description

OVERBID HEARING SCHEDULED ON FRIDAY APRIL 15, 2022. OPENING BID WILL BE $3,725,000. 406 S St Andrews Place is in the most desirable part of Koreatown between Wilshire Boulevard, 3rd Street, Western, and S. Rossmore Ave. Those in the know will confirm that this is considered prime Koreatown. As a result, 406 S St Andrews Place continues to capitalize on the tremendous growth that Koreatown enjoys. In addition, the subject property's transit-oriented and highly walkable (95 Walk score) location offers residents access to various entertainment venues, cultural destinations, dining options, and employment centers nearby.The asset, built-in 1960, is reflective of the architectural character from that era and features Six (6) Two Bedroom + Two Bathroom units, Four (4) One-Bedroom + One Bathroom units, and One (1) One-Bedroom +One and a half Bathroom unit for a total of eleven units. 406 S St Saint Andrews place consists of 10,868 sq. Ft. and resides on a 9,015 sq. Ft. lot.Two units will be delivered vacant, which is ideal for apartment operators seeking an actual value add opportunity to reposition a multifamily asset to obtain a higher yield. In addition, the lack of inventory in the immediate area, low-interest rates, and the value-add component should entice even the most discerning investors.