438 S Rampart Blvd, Los Angeles, CA 90057

Property Description

438 S Rampart Blvd is a 16-unit multifamily property adjacent to Koreatown, offered at $2,000,000, or $125,000 per unit. Built in 1922, the property totals approx. 9,248 SF on an 8,402 SF lot and is comprised of 16 studio units. At current rents, the property performs at a 6.12% CAP and 8.70 GRM. The property has the character of a vintage LA multifamily building, with arched windows, decorative ironwork, mature trees, and established landscaping across the front of the property. Property amenities include community laundry, master-metered gas, and separately metered electricity. Current scheduled rents total approx. $18,996 per month, compared with projected rents of $24,000 per month, representing approx. 26% rental upside. At projected rents, the property is expected to perform at an 8.98% CAP and 6.90 GRM. Located adjacent to Koreatown, 438 S Rampart Blvd provides convenient access to several of the neighborhood's commercial corridors, including West 8th Street, the 6th Street and Irolo area, and retail and dining along Vermont and Western. The property is also approx. 2 miles from Echo Park Lake, with Echo Park and its surrounding shops, restaurants, and neighborhood businesses within a short drive. 438 S Rampart Blvd brings together a $125,000 per-unit basis, a 6.12% current CAP, 1920s architectural character, and additional income growth available in the existing rent roll. Its location adjacent to Koreatown and within a short drive of Echo Park gives the property convenient access to several established neighborhood hubs.