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868 S Kingsley Dr

Los Angeles (Koreatown), CA
Price:
$4,850,000
Units:
15
GRM:
14.80
Cap Rate:
4.01
Gross Rentable Area
12,257

INVESTMENT OVERVIEW

Marcus & Millichap is pleased to present 868 South Kingsley Drive, a 15-unit AB1482 rent control apartment building in Koreatown. Built in 1989, the building has strong in place income with value add potential. 868 South Kingsley Drive has an excellent unit mix consisting of (6) One Bedroom/One Bathroom Units, (3) One Bedroom/One Bathroom plus Loft units, and (6) Two Bedroom/Two Bathroom Units.

Tenants are attracted to the property for its vast amenity package which includes spacious units, stainless steel appliances in most units, granite countertops and upgraded flooring in most units, central A/C and heat, balconies, an elevator, on-site laundry facility, and gated parking.

Located on the southeast corner of Kingsley Dr and James M Wood Blvd, the property is just minutes away from central Koreatown and all that it has to offer. Additionally, the asset benefits from convenient accessibility to the 10 and 101 freeways providing an easy commute.

868 South Kingsley Drive is an excellent opportunity for an investor to acquire a pride of ownership 1980s building in an excellent Koreatown location.

INVESTMENT HIGHLIGHTS

▪ 15 Units Built in 1989- Subject to AB1482 Rent Control (5% Increases + CPI)

Excellent Unit Mix of One Bedroom, Two Bedroom, and One Bedroom Loft Units

▪ Excellent Koreatown Location- High Demand Rental Market Near Western and

Wilshire

▪ Central A/C and Heat, Balconies, On-Site Laundry, Elevator, Gated Parking

▪ Upside in Rents

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