1645 S St Andrews Place, Los Angeles, CA 90019
List Price: $1.9M
Listing Status: Active
Original List Price: $1.7M
0Days on Market: 14
8 Bedrooms · 13 Bathrooms · 6,827 sq ft
Property Type: ResidentialIncome
Lot Size: 9,101 sq ft
MLS Number: 26102021
About This Property
1645 S St Andrews Pl | 13-Unit Value-Add Multifamily, Mid-City Los Angeles. 1960-built asset totaling 6,827 SF on a 9,277 SF LAR3 lot, one block west of Western Avenue with Koreatown to the north and quick access to the I-10 and the Metro E Line's Expo/Western station. The property features (7) studios averaging 410 SF, (4) 1BR/1BA units averaging 600 SF, and (2) 2BR/1BA units averaging 765 SF, plus 10 on-site parking spaces. Twelve of 13 units are occupied, with in-place rents averaging $1,299 against $1,820 at market a 40% gap and one studio delivered vacant for immediate lease-up. Offered at $1,900,000 ($146,154/unit | $278.31/SF) with a 5.52% current cap rate, the real story is turnover RSO units that reset to market at each vacancy, a 9.42% pro forma cap with no capital program assumed, and pricing 7% below the average of six 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 #: 26102021
The listing office is Lyon Stahl Investment Real Estate, Inc.. Belmont Brokerage Inc. (DRE #02431308) provides buyer representation and consultation. Tour and contact requests go to a Belmont agent.