686 S Ardmore Ave

05-10-2022
05-10-2022

686 S Ardmore Ave, Los Angeles, CA 90005

  • Exempt from City of Los Angeles Rent Control
  • 9 Units Gut Renovated with High End Finishes and Features
  • Great Unit Mix of Large One and Two Bedroom Apartments
  • 7 Units With Massive Rental Upside
  • Prime Koreatown Location Steps to Wilshire and Normandie
  • Excellent Tenant Amenities and Parking

Property Description

686 S Ardmore is a 16-unit apartment constructed in 1990. The property is exempt from City of Los Angeles rent control regulations and has an exceptional unit mix consisting of 1-medium one bedroom, 11-units that are large one bedrooms and 4-units that are large two-bedrooms with two-bathrooms. The property consists of 4-levels of apartments over a level of on-grade parking and a lobby and a level of subterranean parking. Approximately half of the units have large balconies and all units have central air conditioning. There are approximately 25 parking spaces consisting of 10 tandem spaces and 5 single spaces. Units are individually metered for gas and electricity. 9 units have been gut renovated in 2021 and the remaining 7 units have below market rents, providing excellent long-term rental upside for a new owner.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 6,375,000
No. of Units
16
Cap Rate
3.7%
GRM / GIM
16.36
Year Built
1990
Building Size
14,976 Sq ft
No. of Stories
4
APN
5094-001-001
Opportunity Zone
Off
Price per unit
$ 398,438
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34.060302, -118.301697

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