4651 Council Street

Los Angeles, CA 90004

$2,785,000

List Price

12

bed Beds

10

shower Baths

7,444 sqft

straighten / sqft

1958

calendar_month Built

Property Description

We are pleased to present a seven-unit investment opportunity in Koreatown at 4651 Council St, a corner lot just south of Beverly Blvd. The property features an ideal unit mix of two one-bedrooms and five two-bedrooms with 10 parking spaces; the soft story retrofit work has been completed. Ownership has completed full renovations of five units with upgrades including in-unit washers & dryers, vinyl plank flooring, stainless steel appliances, new kitchen cabinets and tile backsplashes, new plumbing fixtures and improvements, new drywall, paint, and base moldings, and energy efficient LED lighting, among others. In addition to interior unit renovations, ownership has recently completed exterior and common area capital expenditures including LED lighting, house panel and subpanel upgrades, new door numbers, new landscaping, and new paint throughout the common areas. Opportunity to acquire an asset with little to no deferred maintenance and strong in-place cash flow at a 5.16% CAP rate and 12.86 GRM on current income with an additional 19% rental upside. High Walk Score of 93, close proximity to schools, employment, and transit options. Central location makes it convenient for residents to commute throughout the city to nearby neighborhoods such as Downtown LA, East Hollywood, Hollywood, Westlake, and Mid-City, among others. Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1billion invested in the development of Koreatown since the early 2000s and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles.

Listing Information

List Price $2,785,000
Status Active
MLS 24454031
Type Residential Income
Year Built 1958
Lot Size 7,424
Structure Size 7,444
DOM 8
Courtesy Of Marcus & Millichap
Listing Agent Neema Ahadian DRE#01346750

Interior Features

Laundry Information
Location(s) Stacked
Total Bedroom
Bedrooms 12
Total Bathroom
Bathrooms 10

Exterior Information

Maps

Listing information courtesy of: Neema Ahadian, Marcus & Millichap 310-909-5444. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 25th, 2024 at 12:16 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.