St. Charles Apartments

05-06-2022
05-06-2022

248 S Western Ave, Los Angeles, CA 90004

  • St. Charles Apartments features 54 apartment units plus 4 retail spaces plus a billboard and a cell antennae on one of Koreatown’s main thoroughfare
  • The St. Charles Apartment's generates income from four different avenues: Apartments, Retail, Billboard, and a Cell Tower.
  • 248 South Western is located a mile east of Hancock Park/Larchmont Village and a mile north of the heart of Koreatown (Wilshire/Vermont)
  • $2,000,000 spent on CAPEx improvements including renovations to 24-apartment units, common area and building system enhancements and retail renovation
  • Value-add component focusing mostly on the operational side. The retail units are vacant allowing an owner to re-tenant the property for the submarket
  • While current ownership has renovated a significant portion of the units, The property still features rental upside on un-renovated units

Property Description

NorthMarq, as the exclusive listing agent, is pleased to present the opportunity to acquire 248 South Western Avenue, a 54-Unit Apartment Community with four fully renovated retail spaces on the ground floor, located in Koreatown. Originally built in 1925, and known as the St. Charles Apartments, the property has since undergone a substantial improvement plan implemented and executed by Current Ownership, including nearly $2,000,000 of improvements to the common areas, building systems, 24-unit renovations (full renovations and partial renovations), and complete renovations of the retail suites. With current ownership directing their attention and CAPEx dollars towards the most pressing and immediate improvements, the subsequent owner may focus their efforts on income-generating improvements such as the renovations of the remaining original units and leasing efforts of the ground floor retail spaces.
248 South Western Avenue features a unit mix comprised of fifty-one (51) studios, three (3) one-bedroom/one-bathroom units, and four (4) retail spaces averaging approximately 1,900 square feet. A feature of the St. Charles Apartments is the multiple income streams at the property which in addition to the apartments and retail, include income generated from a billboard and cell tower. Additionally, ownership has fully revamped the property’s recreational room and laundry facility, which features five brand new washers and dryers. The St. Charles Apartments is situated on a lot just over 13,000 SF and gross square footage of 45,000.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Mixed-Use
Price
$ 15,950,000
No. of Units
54
Cap Rate
4.5%
GRM / GIM
13.25
Year Built
1925
Building Size
44,988 Sq ft
Lot Size
13,068 Sq ft
No. of Stories
4
APN
5517-007-017
Opportunity Zone
Off
Price per unit
$ 295,370
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