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1125 S Westmoreland Ave
Los Angeles, CA 90006
Multifamily Property For Sale
·
27 Units
Investment Highlights
- 27-unit multifamily investment opportunity in the heart of Koreatown, comprised of two distinct buildings.
- A diverse and highly marketable unit mix of 4 bachelors, 4 singles, 13 one-bedrooms, 4 two-bedrooms, and 2 three-bedrooms.
- Some units have undergone renovation, with new laminate flooring, paint, updated appliances, refreshed kitchens, bathrooms, and mini-split AC.
- The front 10,824 SF building was built in 1937 and a rear 13,088 SF building was built in 1962, situated on a large 25,000 SF lot.
- Unique structural layout, centered around an expansive central courtyard with garden, private balconies & patios facing street and interior corridors.
- Ample on-site parking totaling 24 spaces (12 tandem spots split across both sides of the property and 12 rear single spaces).
Executive Summary
The Neema Group of Marcus & Millichap is pleased to present 1125 S Westmoreland Avenue, a 27-unit multifamily investment
opportunity in the heart of Koreatown, comprised of two distinct buildings. The front 10,824 SF building was built in 1937 and a
rear 13,088 SF building was built in 1962, situated on a large 25,000 SF lot. A diverse and highly marketable unit mix of 4 bachelors, 4 singles, 13 one-bedrooms, 4 two-bedrooms, and 2 three-bedrooms caters to a broad range of renter profiles and price points, supporting consistent leasing velocity.
The property offers a unique structural layout, centered around an expansive central courtyard with garden, private balconies
and patios facing the street and interior corridor. There are also several on-site laundry machines that generate additional
income. Significant rental upside can be achieved through unit turnover. Select units have already undergone renovation, including new laminate flooring, paint, updated appliances, refreshed kitchens and bathrooms, and mini-split AC.
Ample on-site parking totaling 24 spaces (12 tandem spots split across both sides of the property and 12 rear single spaces),
with meaningful ADU potential through conversion of select tuck under parking spots (buyer to verify). Untapped ancillary income streams under new ownership, including the ability to implement a utility bill back program via RUBS and generate additional income from parking, neither of which is currently being captured.
Offered at an attractive basis of $4,250,000 ($157,407/unit, $177.74/SF), reflecting a 5.27% current cap rate and 9.24 GRM
on in-place income. Located in Koreatown, one of Los Angeles’ most active rental markets, drawing a deep and diversified renter base to its dense concentration of restaurants, nightlife, and retail. Positioned within a submarket experiencing sustained
momentum, with more than 50 major development projects underway or planned throughout Koreatown and independent
research projecting rental rates to climb meaningfully over the coming years as available housing supply remains constrained.
A persistent affordability gap supports durable demand, with the Koreatown median home price near $1.2 million placing
homeownership out of reach for most local renters, reinforcing high occupancy and consistent rent growth throughout the
submarket.
opportunity in the heart of Koreatown, comprised of two distinct buildings. The front 10,824 SF building was built in 1937 and a
rear 13,088 SF building was built in 1962, situated on a large 25,000 SF lot. A diverse and highly marketable unit mix of 4 bachelors, 4 singles, 13 one-bedrooms, 4 two-bedrooms, and 2 three-bedrooms caters to a broad range of renter profiles and price points, supporting consistent leasing velocity.
The property offers a unique structural layout, centered around an expansive central courtyard with garden, private balconies
and patios facing the street and interior corridor. There are also several on-site laundry machines that generate additional
income. Significant rental upside can be achieved through unit turnover. Select units have already undergone renovation, including new laminate flooring, paint, updated appliances, refreshed kitchens and bathrooms, and mini-split AC.
Ample on-site parking totaling 24 spaces (12 tandem spots split across both sides of the property and 12 rear single spaces),
with meaningful ADU potential through conversion of select tuck under parking spots (buyer to verify). Untapped ancillary income streams under new ownership, including the ability to implement a utility bill back program via RUBS and generate additional income from parking, neither of which is currently being captured.
Offered at an attractive basis of $4,250,000 ($157,407/unit, $177.74/SF), reflecting a 5.27% current cap rate and 9.24 GRM
on in-place income. Located in Koreatown, one of Los Angeles’ most active rental markets, drawing a deep and diversified renter base to its dense concentration of restaurants, nightlife, and retail. Positioned within a submarket experiencing sustained
momentum, with more than 50 major development projects underway or planned throughout Koreatown and independent
research projecting rental rates to climb meaningfully over the coming years as available housing supply remains constrained.
A persistent affordability gap supports durable demand, with the Koreatown median home price near $1.2 million placing
homeownership out of reach for most local renters, reinforcing high occupancy and consistent rent growth throughout the
submarket.
Property Facts
| Price Per Unit | $221,472 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.57 AC |
| Cap Rate | 5.27% | Building Size | 23,912 SF |
| Gross Rent Multiplier | 9.24 | Average Occupancy | 100% |
| No. Units | 27 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1937/1962 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | R4 | ||
| Price Per Unit | $221,472 CAD |
| Sale Type | Investment |
| Cap Rate | 5.27% |
| Gross Rent Multiplier | 9.24 |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.57 AC |
| Building Size | 23,912 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1937/1962 |
| Parking Ratio | 1/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | $1,442 CAD | 350 - 450 |
| 1+1 | 13 | $1,917 CAD | 500 - 700 |
| 2+2 | 4 | $2,455 CAD | 750 - 900 |
| 3+2 | 2 | $3,060 CAD | 950 - 1,100 |
Property Taxes
| Parcel Number | 5076-010-003 | Improvements Assessment | $1,819,790 CAD |
| Land Assessment | $582,303 CAD | Total Assessment | $2,402,093 CAD |
Property Taxes
Parcel Number
5076-010-003
Land Assessment
$582,303 CAD
Improvements Assessment
$1,819,790 CAD
Total Assessment
$2,402,093 CAD
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