Less than three blocks south of Wilshire Boulevardand just west of Normandie Avenue, the property is in the heart of Koreatown. Built in 1972, the building consists of an attractive unit mix of (3) 1+1's, (2) 2+1's, (1) 2+2's, and (2) 3+2's. Most of the units have been remodeled, which provides an ease of management. Residents can enjoy the convenience of on-site laundry facilities and ample parking - (10) spaces (8 tuck-under, 2 uncovered). An investor could find value in the strong current income of approximately $183,000 annually and the additional proven rental upside potential of over ten percent (10%) in a highly desirable and densely populated rental market that has continually seen growth and redevelopment, making it a highly sought-after neighborhood, especially for younger residents, that sustain high market rents due to its walkability and close proximity to retail and metro - only four blocks from the Purple Line's Wilshire/Normandie Station.
Listing provided courtesy of
, Marcus & Millichap
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Where futuristic neon meets historic buildings, Koreatown’s central location and busy streets make it a fun and active neighborhood. Centered on Wilshire Boulevard and located just West of Los Angeles, K-Town, as it is also called is home to hip bars and clubs and has a lively East-meets-West appeal.
Real Estate: Lofts, condos and apartments for sale are prevalent in Koreatown although there are also a few single-family homes available. New luxury developments such as The Vermont offer plenty of apartments for rent.
Community Life: Karaoke bars are popular in this area. Aroma Spa & Sports has a driving range delivering on the unique experience of hitting golf balls among skyscrapers. Koreatown Plaza is full of unique shops and has a food court filled with Korean specialties.
Education: Koreatown is served by the Los Angeles Unified School District. Nearby schools include Central City Value charter high school, Ambassador School of Global Leadership, New Open World Academy, Virgil Middle School, Cahuenga Elementary and Young Oak Kim Academy. Private schools include Saint Brendan School elementary, new Horizon School and Saint James Episcopal Day School. The Korean Education Center, affiliated with the government of South Korea is on Wilshire Place. Southwestern Law School is located in the historic Art Deco-styled Bullock’s Wilshire building.
Transportation: Spanned by Wilshire Boulevard and Olympic Boulevard, Koreatown has many public transportation options including the Metro purple line and the Wilshire Rapid bus.
Local Attractions: The site of the former Ambassador Hotel where Robert F. Kennedy was assassinated is now a high school and a memorial plaza. Hip dining and accommodations can be found at the Line Hotel founded by Roy Choi and partners. The Art-Deco-styled Wiltern is not only a great place to see a show, it and the Pellissier Building are on the National Register of Historic Places. Dawooljong, the Korean Pavilion, is an open-air pavilion and garden that adds a touch of Korea to the heart of the city.
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