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$ 2,500,000
Est. payment | /mo
10 Beds
14 Baths
10,036 SqFt
$ 2,500,000
Est. payment | /mo
10 Beds
14 Baths
10,036 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 10,036 sqft
Price per Sqft $249
MLS Listing ID 25624117
Bedrooms 10
HOA Y/N No
Year Built 1956
Property Description
We are pleased to present a 14-unit investment opportunity in prime Koreatown at 505 Serrano Ave, positioned on a corner lot just east of Western Ave and north of W 6th St. The subject property features a unit mix of four singles and 10 one-bedrooms with 10 tandem parking spaces (20 spaces total). Built in 1956, the majority of rents are below market, providing significant rental upside of over 33% as units turn. Opportunity to achieve market rents with interior upgrades such as recessed lighting, vinyl plank flooring, new kitchens with modern cabinetry and stainless-steel appliances, and updated bathrooms, as well as exterior cap ex items including exterior paint and new windows. The building is separately metered for gas and electric; there are two washers and two dryers on-site that are currently inoperable, opportunity to install upgraded machines for additional income. Close proximity to schools, employment, and transit options along W 6th St and Wilshire Blvd, this central location makes it convenient for residents to commute throughout the city to nearby neighborhoods such as Downtown LA, East Hollywood, Hollywood, Westlake, and Mid-City, among others. Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1 billion invested in the development of Koreatown since the early 2000's and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles.
Location
State CA
County Los Angeles
Area C17 - Mid-Wilshire
Zoning LAR4
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features Garage, Tandem
Total Parking Spaces 20
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5503020011
Special Listing Condition Standard
Listed by Neema Ahadian Marcus & Millichap
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