140 South Westmoreland Avenue
140 South Westmoreland Avenue
$1,995,000
9
7
4,191
4,191
$476
Sold 3/31/23
Description
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...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 Agent
Property Details for 140 South Westmoreland Avenue
Zoning
LAR3
Cross StreetsW 1st St and S Westmoreland Ave
Parcel Number5501016010
Total Units7.0
Living Area4191
Source Living AreaVendor Enhanced
AreaMid-Wilshire (C17)
Vacancy Rate0
Location
LISTING UPDATED: 04/03/2023 10:51 AM
Property Details for 140 South Westmoreland Avenue
Status | Sold |
---|---|
MLS # | 23-235397 |
Days on Market | 53 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1982 |
Lot Size | 0.18 AC / 7,916 SF |
County | Los Angeles County |
Location
Virtual Tour
Building Information for 140 South Westmoreland Avenue
Stories2Residences-Year Built1982Building Size-Lot Size0.18 AC / 7,916 SF
Payment Calculator
$13,187 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 140 South Westmoreland Avenue
Property History for 140 South Westmoreland Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 140 South Westmoreland Avenue
Taxable ValueLand$1,325,233Additions$883,488Total$2,208,721
Tax Record2023$27,582 ($2,299 / month)
Home Facts
Total Finished SqFt4,191 SqFtAbove Grade Finished SqFt4,191 SqFtLot Size7,916 SqFtStyleMulti-Family Res (5+ Units)Year Built1982ZoningLAR3CountyLOS ANGELESAPN5501-016-010
Schools near 140 South Westmoreland Avenue
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Commonwealth Avenue Elementary School PublicK to 5 | ||
Virgil Middle School Public6 to 8 | ||
Contreras Learning Center-School Of Social Justice Public9 to 12 | ||
Academic Leadership Community School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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