Kenny Stevens Team is pleased to present 1037 S. Vermont, a ten-unit courtyard-style bungalow complex located in a federal opportunity zone just south of Koreatown. Residing on a spacious 10,857 SF lot zoned LAC2, the property features (10) 1-bdrm. units that offer approx. 100% rental upside compared to renovated units in the area. 1037 S. Vermont is offered at $217 per foot, $175,000 per unit, 7.29 market GRM, and 10.11% market CAP. The property is across the street from a Grubb Properties project spanning a city block, featuring 228 units and 50,000 SF of commercial space (ground-floor leased by Target). Please note that 1037 S. Vermont is offered in conjunction with a twelve-unit property not subject to LA City rent control, 1144 Elden Ave, three blocks east of the subject property.
Courtyard-Style Bungalow Complex on 10,857 SF Lot
1037 S. Vermont Avenue, Koreatown
Property Details
Price $1,750,000
Year Built 1922
# of Units 10
Price P/ Unit $175,000
Sq. ft. 8,066 SF
Price p/ Sq. ft. $217
Current Cap Rate 3.43%
Proforma Cap Rate 10.11%
Lot Size 10,857 SF
Zoning LAC2
