175 N Edgemont Street

Description

This 12 unit Offering: (175 & 179 N Edgemont St) Edgemont Court is comprised of Two 6-unit multifamily structures (side by-side) located in the trendy and high growth area of Koreatown. Each building sits on it's own parcel (5518-012-015 & 5518-012-016) and is comprised of a rare mix of 6 extra large Studio + Den apartment homes (12 units total); (Ample parking 14 spaces). Easy to own and operate, as the owner has run the buildings himself for the past 17 years from +30 miles away without an on-site or 3rd party manager. These well-maintained two story walk-up style complexes were built in 1940. Each unit is +- 600 square feet on average. These twin sister buildings command a corner location and are located less than half a mile to the metro station. The area boasts a healthy score of 88 on walkability providing the ideal location & crossroads for where millennials want to live, work and play. Currently Edgemont Court rents are positioned well below market rate. There is approximately +26% in upside for the new investor to capture. This property has great bones (all units lightly renovated) which will enable new ownership to simply focus on completing renovation over time while bringing units to market rate levels. Furthermore, due to the layout of the property (separate garage + storage structure) the new buyer can add value by creating ADU unit(s), & or laundry care facility. These cost effective options will produce additional income streams and significantly increase the underlying value of the asset. (buyer to conduct their own due diligence with the City of Los Angeles). 175 & 179 N Edgemont are on separate parcels & are being sold together. 1 unit will be delivered vacant. All 12 units for $2,695,000