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4651 Council Street
Los Angeles, CA 90004
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.
PROPERTY INFORMATION
| MLS # | 24454031 | Lot Size | 7,424 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | N/A |
| Price | $ 2,785,000
Price Per SqFt: $ 374 |
DOM | 253 Days |
| Address | 4651 Council Street | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 7,444 Sq. Ft. |
| Postal Code | 90004 | Garage | N/A |
| County | Los Angeles | Year Built | 1958 |
| Bed / Bath | 12 / 0 | Parking | 10 |
| Built In | 1958 | Status | Active |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Stackable |
| Has Appliances | Yes |
| Kitchen Appliances | Dishwasher, Microwave, Refrigerator |
| Has Heating | Yes |
| Heating Information | Central |
EXTERIOR FEATURES
WALKSCORE
Walk Score: 94 (Walker's Paradise)
Transit Score: 67 (Good Transit)MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $2,971
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 10/17/2024 | Listed | $2,785,000 |
Topfind Realty
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(844)-333-8033
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Listing provided courtesy of Neema Ahadian, Marcus & Millichap. 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.
