Just Listed: 8-Unit Multifamily Investor’s Dream in the heart of Angelus Vista – $1,925,000

Prime Investment Opportunity: Charming 8-Unit Building in Los Angeles

Are you looking for a "can't-miss" opportunity in one of Los Angeles' hottest growth corridors? Welcome to 1415 S. St. Andrews Place, a prime investment property located in the heart of the vibrant 90019 zip code.

This 8-unit apartment building offers a rare blend of classic 1922 architecture and updated interiors. Situated on an expansive 13,166-square-foot R3 lot, the property presents exceptional long-term upside for seasoned investors and developers alike.

Property Highlights

• Listing Price: $1,925,000.

• Annual Income: $157,200.

• Unit Mix: Four spacious 2-bedroom units and four well-appointed 1-bedroom units.

• Parking: A total of 16 spaces, including 8 covered garage spaces and 8 uncovered spaces.

• Location: Ideally situated near Koreatown, Mid-Wilshire, and Harvard Heights, surrounded by new multifamily developments.

Exceptional Value-Add Potential

The building reflects a true pride of ownership, featuring many remodeled or meticulously maintained units. With long-term tenants in place there is immediate potential to increase value. Furthermore, the sizable R3 zoning provides a fantastic opportunity for developers to consider a larger multifamily project or condo development.

Whether you are seeking stable cash flow or redevelopment upside, this 9,268-square-foot property is a cornerstone for any portfolio.

Frequently Asked Questions

What is the unit mix for 1415 S. St. Andrews Place?

The property features an even split of units, consisting of four spacious 2-bedroom units and four well-appointed 1-bedroom units.

Is this property subject to Los Angeles Rent Control?

Yes, the building is 100% subject to rent control regulations. This presents a significant "value-add" opportunity for investors, as current rents are below market rates.

What are the development possibilities for this lot?

The property sits on a large 13,166-square-foot lot zoned LAR3. This zoning allows for high-density residential development, making it an ideal candidate for a future condo project or a larger multifamily complex.

How much parking is available on-site?

The building offers exceptional parking for an older asset, with a total of 16 spaces. This includes 8 covered garage spaces and 8 uncovered spaces.

What is the current Cap Rate and GRM?

Based on current actual income, the property has a Cap Rate of 5.35% and a Gross Rent Multiplier (GRM) of 12.25.

Where is the property located within Los Angeles?

It is located in the 90019 zip code, specifically in the Arlington Heights/Mid-Los Angeles area. It is situated one block south of Pico Boulevard and three blocks west of Western Avenue.

When was the building constructed?

This traditional-style apartment building was originally constructed in 1922.

Interested? Contact me today for more details on how to submit an offer at [email protected] or (310)777-6342.