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140 Westmoreland Avenue
Los Angeles, CA 90004
Sold
140 Westmoreland Avenue
Los Angeles, CA 90004
Sold
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.
PROPERTY INFORMATION
| MLS # | 23235397 | Lot Size | 7,916 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 1,995,000
Price Per SqFt: $ 476 |
DOM | 825 Days |
| Address | 140 Westmoreland Avenue | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 4,191 Sq. Ft. |
| Postal Code | 90004 | Garage | N/A |
| County | Los Angeles | Year Built | 1982 |
| Bed / Bath | 9 / 0 | Parking | 12 |
| Built In | 1982 | Status | Closed |
| Sold Date | 2023-03-31 |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Individual Room, Community |
| Has Appliances | Yes |
| Kitchen Appliances | Refrigerator |
| Has Heating | Yes |
| Heating Information | Central |
| SecuritySafety | Gated Community |
EXTERIOR FEATURES
WALKSCORE
Walk Score: 90 (Walker's Paradise)
Transit Score: 72 (Excellent Transit)MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,128
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 03/31/2023 | Sold | $1,995,000 |
| 03/24/2023 | Pending | $1,995,000 |
| 01/30/2023 | Listed | $1,995,000 |
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Listing provided courtesy of John Swartz, Compass. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
