140 S Westmoreland Avenue, Los Angeles, CA 90004
Property · 2 recorded sales since 2016
Sold March 2023
Listing Agent: John Swartz (DRE #01873487) · Listing Office: Compass · Contact: 310-230-5478 · Bought with: Subscriber Non · Non-Participant Office · MLS #23235397 · Source: CRMLS
About this property
True North CRE of Compass Commercial as the exclusive listing agents are pleased to present the opportunity to acquire 140 S. Westmorland Ave. This offering presents a substantial opportunity for an investor who desires and above market going in capitalization rate for a turnkey building. The building is subject to AB 1482 allowing for any rent increases of 5% plus CPI and not subject to LA RSO. This walk-up apartment complex comprises 7 units. The unit mix consists of (2) 2 bed/1Bath and (5) 1 bed/1 bath units on a large 7,916 square foot lot zoned LAR3. Located on the cusp of Koreatown and Little Bangladesh, this neighborhood is referred to as Wilshire Center, which is a sub-district of Midtown named after Henry Gaylord Wilshire's eponymous boulevard. It contains within it both Koreatown and Little Bangladesh. Built in1982, this property offers more favorable rent control and the ability to access market rents quicker. Parking is on-site with 12 spots along with on-site laundry plus an electric entry gate. Favorable to tenants, the property is located within short distances to the hub of Koreatown, illed with shopping, delectable restaurants and many other hot spots. Silver Lake offers a slew of culture and is located to the north east of the property. Downtown Los Angeles, Hollywood, Echo Park and even Dodger Stadium are all within short car rides away from the property. The 101 Freeway, public transportation, schools, shops, dining and entertainment contribute to the marketability to prospective renters and tenants. With excellent historical rent growth in the area and its central location, Koreatown continues to be one of the premiere apartment submarkets in Los Angeles.
Listing description from the March 2023 sale, as reported to CRMLS.
Sale history
