San Marino Street Apartments

09-09-2021
12-29-2021

2715 San Marino St Los Angeles, CA 90006

2723 San Marino St Los Angeles, CA 90006

  • Attractive current cap rate and proforma
  • Excellent financing available with competitive leverage and rate
  • Diverse unit mix of (4) Jr. 1 Bedroom + 1 Bath (24) 1 Bedroom + 1 Bath and (2) 2 Bedroom + 1 Bath units 
  • ​Each unit is equipped with Individual Water Heaters
  • Value-Add opportunity with immediate upside in rents & potential for several ADUs.  
  • Located in a Tier 2 Transit Oriented Community (TOC)
  • Potential redevelopment for 51 units by right & 82 under TOC, Buyer to verify
  • Large 20,260± square foot lot, zoned R4, possible future redevelopment
  • 1 Block from Koreatown and just minutes to Downtown LA, USC Village & Staples Center
  • ​Possibility to install on-site laundry, which would increase monthly income

Portfolio Description

2715 & 2723 San Marino Street is a two-building portfolio multifamily investment property located adjacent to the highly coveted and emerging sub-market of Koreatown, Los Angeles.​ This investment opportunity presents an ideal income property for an investor looking to acquire a value-add asset with significant rental upside potential.​

The apartment buildings stand on two adjacent lots with separate APN #’s and total 30 units.​ The buildings were constructed in 1923 and 1950 totaling 16,804± building square feet on a combined lot size of 20,206 ± square feet.​ Zoning is LAR4, and the buildings are located in a Transit Oriented Community (TOC), Tier 2 which may allow for building up to 82 units.​ There is also potential to add multiple ADUs to the existing real estate.​ Buyer to verify.​
The unit mix is comprised of:

2715 San Marino St

• (4) Jr.​ 1 Bedroom + 1 Bath

• (12) 1 Bedroom + 1 Bath

• (2) 2 Bedroom + 1 Bath units

2713 San Marino St

• (12) 1 Bedroom + 1 Bath

Common area amenities include controlled access, security camera monitoring system, gated covered parking, existing space to install on-site laundry and a central-courtyard.​ Unit amenities include select units with air conditioning, stove, plenty of closet space.​ Several units have been upgraded with new flooring and counter tops.​

Aesthetically, the property grounds and building are well maintained.​

San Marino Street is located just blocks from Koreatown and minutes outside of Downtown L.​A.​’s employment hub in a bustling neighborhood with a diverse demographic.​ From working professionals, entrepreneurs, artists to blue-collar workers; San Marino Apartments is centrally located and adjacent to other notable neighborhoods including, Koreatown, L.​A.​ Live, USC Village & Pico Union.​

In addition, The San Marino Apartments is only minutes from LA Live and The World Famous Staples Center, which is home to The Los Angeles, Lakes, Clippers and Kings, and host over 250 events and nearly 4 million guests each year.​

The San Marino Street Apartments is located just blocks from the Metro’s Westlake/MacArthur Park Station.​ This provides convenient access to the Red and Purple Lines.​ Those lines provide public transportation toward Downtown, North Hollywood and Koreatown, with West Los Angeles extensions projected to be completed in 2027.​

The Immediate area has recently seen a flurry of development and public safety initiatives, from mixed-use projects to new crosswalks.​ Recently, M2A Architects was contracted to construct a mixed-use project at the intersection of Olympic and Hoover that will feature 173 dwelling units, nearly 37,000 square feet of ground-floor commercial space and parking for 262 vehicles.​

A San Francisco-based developer is 50% complete with their $180 million 1027 Wilshire development.​ The project will span nine stories and feature 376 residential units, approximately 5,000 square feet of ground-floor retail space, and subterranean parking for more than 800 vehicles.​

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
Jr 1 Bed/1 Bath 4 0 $ 1,450
1 Bed/1 Bath 24 0 $ 1,550
2 Beds/2 Baths 2 0 $ 1,850

Key Portfolio Information

Listing Status
Under Contract
Multifamily type
Single Family Rental Portfolio
Price
$ 5,895,000
No. of Units
30
Cap Rate
4.25%
GRM / GIM
13.43
Year Built
1923
Building Size
16,804 Sq ft
Price per unit
196,500
Lot Size
19,885.98 Sq ft
No. of Stories
2
APN
5077-028-017 | 5077-028-018
Zoning Code
LAR4
No. of Parking Spots
10
Opportunity Zone
Off

Financial Details

Income/Expense Info
Pro Forma
Financial Year
2021
Gross Income
$ 579,660
Effective Gross Income
$ 579,660
Operating Expenses
$ 175,192
Net Operating Income
$ 387,078
Pre-tax Cashflow
$ 188,226
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34.055343, -118.287109

34.055265, -118.287355

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