3250-3254 James M Wood Blvd

06-30-2022
06-30-2022

3250 James M Wood Blvd, Los Angeles, CA 90006

  • Charming French Normandie Architecture in Prime Koreatown
  • Substantial Remaining Rental Upside-Many Low Rents
  • Perfect Unit Mix for the Koreatown Rental Market
  • Potential Development Site-Build Upwards of 31 Units
  • Low Cost Per Unit at $249,375 & High Visibility Corner Lot
  • Opportunity to Potentially Convert Carport into ADU Units

Property Description

3250 James M. Wood Blvd is a 8-unit apartment building constructed in 1948. The James M. Wood Apartments features beautiful French Normandie architecture and is a two-story structure of wood frame and stucco with a detached garage in the rear with parking for approximately six vehicles. The unit mix is ideal for the Koreatown submarket and features one unit that is a large two bedroom with one bathroom, four large one bedrooms with one bathroom and three units that are studios with one bathroom and a kitchen. Units are individually metered for gas and electricity. The property sits on a high visibility 6,951 sq ft corner lot zone R4-2 in a prime Koreatown location with TOC Tier 3 just east of Western Avenue and just south of Wilshire Boulevard. Upwards of 31 apartments could potentially be developed on this lot and the detached carport in the rear also has the possibility of being converted into one or two ADU apartment units.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 1,995,000
No. of Units
8
Cap Rate
4.05%
GRM / GIM
14.24
Year Built
1948
Building Size
5,479 Sq ft
Lot Size
6951 sq ft
No. of Stories
2
APN
5094-021-017
Opportunity Zone
No
Price per unit
$ 249,375
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34.055737, -118.301653

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