Active

4651 Council Street

Los Angeles CA, 90004

$2,785,000


$374.13 per sqft

Active

12 Beds

10 Baths

7,444 sqft

Residential

Built in 1958

Listed by Neema Ahadian with Marcus & Millichap 310-909-5444

We are pleased to present a seven-unit investment opportunity in Koreatown at 4651 Council St, a corner lot just south of Beverly Blvd. The property features an ideal unit mix of two one-bedrooms and five two-bedrooms with 10 parking spaces; the soft story retrofit work has been completed. Ownership has completed full renovations of five units with upgrades including in-unit washers & dryers, vinyl plank flooring, stainless steel appliances, new kitchen cabinets and tile backsplashes, new plumbing fixtures and improvements, new drywall, paint, and base moldings, and energy efficient LED lighting, among others. In addition to interior unit renovations, ownership has recently completed exterior and common area capital expenditures including LED lighting, house panel and subpanel upgrades, new door numbers, new landscaping, and new paint throughout the common areas. Opportunity to acquire an asset with little to no deferred maintenance and strong in-place cash flow at a 5.16% CAP rate and 12.86 GRM on current income with an additional 19% rental upside. High Walk Score of 93, close proximity to schools, employment, and transit options. 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 $1billion invested in the development of Koreatown since the early 2000s and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles.

24454031

MLS ID

October 17, 2024

Listed

December 10, 2024

Updated

Map

4651 Council Street
Los Angeles CA, 90004

Interior Features

Total Stories

2


Bedrooms

12


Total Bathrooms

10


Appliances

Dishwasher, Microwave, Refrigerator


Laundry Description

Stacked


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.17 Acres

Other Property Details

Area Name

C18 - Hancock Park-Wilshire


Days on Market

53


Garage

No


Parking

None


Parking Total

10


View

No


County

Los Angeles


Pool

No


Zoning

LAR2

Listing Contact: 310-909-5500 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 12/10/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 12/10/2024 at 6:05 PM UTC

 

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