Property Details.

Kenny Stevens Team is pleased to offer for sale Manhattan Apartments, a 43 unit, multifamily community located at 1059 S. Manhattan Place. Situated just one block south of Olympic Boulevard and one block west of Western Avenue, the property is in the heart of Koreatown, one of the most desirable neighborhoods in Los Angeles. With recent improvements and its charming appeal, renovated units are quickly leased, and current rents are 22% below market rents. Manhattan Apartments represents an opportunity to acquire a beautiful “Old World” property in an excellent location, while still providing substantial value-add potential through continued renovations.

Price $8,250,000

Year Built 1928

# of Units 43

Price P/ Unit $191860

Sq. ft. 30164

Price p/ Sq. ft. $274

Current Cap Rate 4.46%

Proforma Cap Rate 6.33%

Current GRM 12.62%

Proforma GRM 10.14%

Lot Size 9195

Zoning LAR1

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1059 S Manhattan Pl
Los Angeles, CA 90019
Kenny Stevens LA Multifamily Real Estate Broker

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