Kenny Stevens Team is pleased to present 1144 Elden, a 12-unit property not subject to LA City rent control. Built in 1986, this property currently allows an annual rent increase of 8.8% (5% plus the Consumer Price Index). Please note, the property is located in an opportunity zone, offering the new owner a potential federal capital gains tax incentive (buyer to verify). Comprised of (6) 2-bdrm. and 1.5-bath units and (6) 1-bdrm. units, these units offer approx. 34% rental upside compared to renovated units in the area. Property amenities include on-grade gated parking and a laundry room. 1144 Elden is offered at $307 per foot, $250,000 per unit, 9.42 market GRM, and 7.19% market CAP. Located just south of Koreatown, near Olympic and Vermont, the property is surrounded by many multifamily and mixed-use projects currently under construction or recently completed.
12 Units w/ No LA City Rent Control & 34% Rental Upside
1144 Elden Avenue, Koreatown
Property Details
Price $3,000,000
Year Built 1986
# of Units 12
Price P/ Unit $250,000
Sq. ft. 9,758 SF
Price p/ Sq. ft. $307
Current Cap Rate 4.56%
Proforma Cap Rate 7.19%
Lot Size 7,000 SF
Zoning LAR3
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