811 S Union Ave, Los Angeles, CA 90017

811 S Union Ave, Los Angeles, CA 90017

Los Angeles, CA

Property Description

The subject property is a thirty two (32) Unit Apartment Building located in the Westlake/ McArthur Park submarket of Los Angeles just West of Downtown. The apartment building is three stories and includes 17,364square feet. There are (22) Studios, (8) 1 Bed/1 Bath and (2) 2 Bed/1 Bath units. Buyer to do their own investigation to confirm total number of legal units in the building. Both gas and electric are master metered for all units. The building was built in 1906 and sits on a 7,495 Square foot zonedLAC2-1. The building sits in the Westlake Recovery Area is designated as a Transit Oriented Community Tier 3 allowing for an 80% density bonus. The property faces East on Union Ave with walk up entry to the lobby. There are two private areas on both sides of the front walk up occupied by tenants. A billboard owned by Lamar is located at the front of the property on the Northern property line. There is alley access at the rear of the property with entry on both 8th St. to the North and James M. Wood to the South.

Property Features

  • Sale Price: $3,200,000
  • Area Size: 17,364 Sq. Ft.
  • Land Area: 7,495 Sq. Ft.
  • Year Built: 1906
  • Listing Date: 3/1/2023
  • Closing Date: 5/12/2023
  • Units: 32
  • Current GRM: 10.15
  • Current Cap Rate: 3.88%
  • Price Per Unit: $115,625
  • Market GRM: 6.90
  • Market Cap Rate: 7.88%
  • Current NOI: $143,443

Lyon Stahl Investment Real Estate

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