837 Irolo St, Los Angeles, CA 90005

837 Irolo St, Los Angeles, CA 90005

Los Angeles, CA

Property Description

Eight-unit apartment building in the heart of Koreatown. Excellent unit mix of seven 1 Bedroom/1 Bath and one 2 Bedroom/1 Bath apartments. Property has on-site laundry (landlord owned equipment) and ample parking. Excellent value-add or a development play. Property will be delivered with one unit vacant and has tremendous upside of Market 6.8 GRM and 11.3 Cap Rate. Property is offered at Current 13.48GRM This prime location boasts an abundance of restaurants, hotels, and entertainment amenities are within short walking distance. Property is located close to the Wilshire/Normandie Metro station. The lot is zoned LAR4-2 and is designated as TOC Tier 3. This would allow for a developer to build up to 16 units by right or up to 27 units with the TOC bonus (Buyer to Verify). There is an existing garage/carport that could also be used and converted to an ADU (Buyer to Verify)

Property Features

  • Sale Price: $1,590,000
  • Area Size: 5,460 Sq. Ft.
  • Land Area: 6,741 Sq. Ft.
  • Year Built: 1954
  • Listing Date: 10/9/2023
  • Units: 8
  • Current GRM: 13.48
  • Current Cap Rate: 4.39%
  • Price Per Unit: $198,750
  • Market GRM: 6.86
  • Market Cap Rate: 11.33%
  • Current NOI: $69,753