Homes for sale - 4651 Council ST, Los Angeles, CA 90004

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Randy Plaice

randy@randyplaice.com +1(818) 294-0414

$ 2,785,000

Est. payment | -/mo

12 Beds

10 Baths

7,444 SqFt

Save

$ 2,785,000

Est. payment | -/mo

Save

12 Beds

10 Baths

7,444 SqFt

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 7,444 sqft

Price per Sqft $374

MLS Listing ID 24454031

Bedrooms 12

HOA Y/N No

Year Built 1958

Lot Size 7,422 Sqft

Property Description

We are pleased to present a seven-unit investment opportunity in Koreatown at 4651 Council St, a corner lot just south of Beverly Blvd. The property features an ideal unit mix of two one-bedrooms and five two-bedrooms with 10 parking spaces; the soft story retrofit work has been completed. Ownership has completed full renovations of five units with upgrades including in-unit washers & dryers, vinyl plank flooring, stainless steel appliances, new kitchen cabinets and tile backsplashes, new plumbing fixtures and improvements, new drywall, paint, and base moldings, and energy efficient LED lighting, among others. In addition to interior unit renovations, ownership has recently completed exterior and common area capital expenditures including LED lighting, house panel and subpanel upgrades, new door numbers, new landscaping, and new paint throughout the common areas. Opportunity to acquire an asset with little to no deferred maintenance and strong in-place cash flow at a 5.16% CAP rate and 12.86 GRM on current income with an additional 19% rental upside. High Walk Score of 93, close proximity to schools, employment, and transit options. Central location makes it convenient for residents to commute throughout the city to nearby neighborhoods such as Downtown LA, East Hollywood, Hollywood, Westlake, and Mid-City, among others. Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1billion invested in the development of Koreatown since the early 2000s and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles.

Location

State CA

County Los Angeles

Area C18 - Hancock Park-Wilshire

Zoning LAR2

Interior

Heating Central

Fireplace No

Appliance Dishwasher, Microwave, Refrigerator

Laundry Stacked

Exterior

Parking Features None

Total Parking Spaces 10

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5516020010

Special Listing Condition Standard

Listed by Neema Ahadian • Marcus & Millichap

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(818) 294-0414

randy@randyplaice.com

25101 The Old Road Suite 240, Ranch, Ca, 91381, United States

4651 Council ST Los Angeles, CA 90004