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438 S Rampart BLVD Los Angeles, CA 90057
16 Baths
9,248 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 9,248 sqft
Price per Sqft $216
MLS Listing ID 26997923
HOA Y/N No
Year Built 1922
Lot Size 8,402 Sqft
Property Description
438 S Rampart Blvd is a 16-unit multifamily property adjacent to Koreatown, offered at $2,000,000, or $125,000 per unit. Built in 1922, the property totals approx. 9,248 SF on an 8,402 SF lot and is comprised of 16 studio units. At current rents, the property performs at a 6.12% CAP and 8.70 GRM. The property has the character of a vintage LA multifamily building, with arched windows, decorative ironwork, mature trees, and established landscaping across the front of the property. Property amenities and operating features include community laundry, master-metered gas, and separately metered for electricity. Current scheduled rents total approx. $18,996 per month, compared with projected rents of $24,000 per month, representing approx. 26% rental upside. At projected rents, the property is expected to perform at an 8.98% CAP and 6.90 GRM. Located adjacent to Koreatown, 438 S Rampart Blvd provides convenient access to several of the neighborhood's commercial corridors, including West 8th Street, the 6th Street and Irolo area, and retail and dining along Vermont and Western. The property is also approx. 2 miles from Echo Park Lake, placing one of Central Los Angeles' most recognizable parks within a short drive. 438 S Rampart Blvd brings together a $125,000 per-unit basis, a 6.12% current CAP, 1920s architectural character, and additional income growth available in the existing rent roll. Its location adjacent to Koreatown and within a short drive of Echo Park Lake gives the property a clear connection to several of Central Los Angeles' most active neighborhood corridors.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning LAR4
Interior
Fireplace No
Laundry Common Area
Exterior
Parking Features None
View Y/N No
View None
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5155028015
Special Listing Condition Standard
Listed by Max Berger Compass #02054048
NEARBY SCHOOL & BUSINESS