138 S Westmoreland Avenue, Los Angeles, CA 90004
List Price: $3.4M
Listing Status: Active
0Days on Market: 17
0 Bedrooms · 32 Bathrooms · 18,604 sq ft
Property Type: ResidentialIncome
Year Built: 1926
Lot Size: 7,924 sq ft
MLS Number: 26993013
About This Property
138 S Westmoreland Ave | 33-Unit Value-Add Multifamily, Los Angeles. The property is a 1926-built asset totaling 18,604 SF on a 7,922 SF lot in Rampart Village, on the northern edge of Koreatown and within walking distance of the Metro B Line. It features (31) studio units averaging 445 SF and (2) 1+1 units at 625 SF. Twenty-eight units are currently occupied, and 21 of them rent below market. Four long-term tenancies dating to 20052011 sit 34%67% below the $1,395 studio market rent, and four vacant studios are ready to lease at market. Offered at $3,400,000 ($103,030/unit | $182.76/SF) with a 6.30% current cap rate, the real story is the rent-to-market gap a 7.71% pro forma cap and an entry roughly 12.7% below the ~$118K/unit average of recent comparable sales.
Listing provided by: Taylor Avakian DRE #02060040 310-425-9838 taylor@lyonstahl.com, Lyon Stahl Investment Real Estate, Inc.
Source: CRMLS, MLS #: 26993013
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.