The Forneaux Apartments 681 Shatto Pl 30 Unit Apartment Building $8,187,860 CAD ($272,929 CAD/Unit) 5.93% Cap Rate Los Angeles, CA 90005

The Mogharebi Group is pleased to present The Forneaux, a 30-unit multifamily community located in the dynamic Koreatown submarket of Los Angeles. This unique offering provides a buyer with a near-turnkey apartment building. Twenty-two of the 30 units have been turned along with the common areas, offering a plug-and-play approach.

Built in 1923, The Forneaux features an efficient and highly desirable unit mix. Twenty-four studios (80%), averaging approximately 500 square feet, and six one-bedroom/one-bath units (20%), averaging around 650 square feet, comprise the improvements, which are +/—24,642 square feet situated on +/—square feet of land.

The Forneaux has consistently proven to achieve above market rents, in comparison to other similar apartment buildings, due to its attention to detail, high-end finishes, charm, location, and excellent management. Tenants have shown that they are willing to pay more for a unit that feels like a home and want a unique creative living space.

Ideally situated in the rapidly evolving Koreatown submarket, The Forneaux lies just south of Wilshire Blvd and one block east of Vermont Ave. Its central location is within a two-minute walk of the Wilshire/Vermont Metro Station. With excellent access to Hollywood, Silver Lake, and Echo Park, residents benefit from proximity to major employment centers, retail corridors, and cultural and entertainment destinations throughout the city.