4651 Council St, Los Angeles, CA 90004 – 24-454031

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$2,785,000

Est. payment - /mo

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12 BD

10.75 BA

7,444 SqFt

Active

4651 Council St Los Angeles, CA 90004

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Norma Mardelli

norma@mardellirealestate.com +1(818) 400-3794

UPDATED:

12/09/2024 05:55 PM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 7,444 sqft

Price per Sqft $374

MLS Listing ID 24-454031

Bedrooms 12

Year Built 1958

Lot Size 7,424 Sqft

Acres 0.1705

Property Description

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.

Location

State CA

County Los Angeles

Area Hancock Park-Wilshire

Zoning LAR2

Rooms

Other Rooms None

Interior

Heating Central

Cooling Wall Unit(s)

Equipment Microwave, Refrigerator, Stackable W/D Hookup, Range/Oven, Dishwasher

Exterior

Parking Features None

Garage Spaces 10.0

Building

Story 2

Level or Stories Two

Others

Special Listing Condition Standard

The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2024 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Marcus & Millichap