140 South Westmoreland Avenue

Los Angeles, CA 90004

$1,995,000
Last Sold Price
9
Beds
7
Baths
4,191 Sq. Ft.
$476 / Sq. Ft.
4,191
Sq. Ft.
$476
per Sq. Ft.

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

  1. John Swartz

    John Swartz

    Listing Agent

    Compass

    DRE #01873487

Property Details for 140 South Westmoreland Avenue

Zoning
LAR3
Cross Streets
W 1st St and S Westmoreland Ave
Parcel Number
5501016010
Total Units
7.0
Living Area
4191
Source Living Area
Vendor Enhanced
Area
Mid-Wilshire (C17)
Vacancy Rate
0

Location

Listing Courtesy of Compass, John Swartz, DRE #01873487; Compass, Scott Syme Jr., DRE #02007311

Sold By Non-Participant Office, Subscriber Non, DRE #13252

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LISTING UPDATED: 04/03/2023 10:51 AM

Property Details for 140 South Westmoreland Avenue

StatusSold
MLS #23-235397
Days on Market53
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1982
Lot Size0.18 AC / 7,916 SF
CountyLos Angeles County

Location

Listing Courtesy of Compass, John Swartz, DRE #01873487; Compass, Scott Syme Jr., DRE #02007311

Sold By Non-Participant Office, Subscriber Non, DRE #13252

Add your commute

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

30 year fixed, 7.25% Interest

Principal and Interest

$10,888

Property Taxes

$2,299

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 140 South Westmoreland Avenue

Community / Development
Community / Development
  • Number Of Units: 7
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartment
  • Security Features: Gated
  • Water Heaters: Yes
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $160,560
  • Net Operating Income: $112,679.00
  • Gross Income: $160,560
  • Cap Rate: 5.65%
  • Gross Rent Multiplier: $12.68
  • Total Annual Expense: 47881
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1817
  • Lot Size Square Feet: 7916
  • Lot Size Dimensions: 52x153
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Carport
  • Total Parking: 12
  • Parking Features: Carport
Interior Features
Interior Features
  • Cooling Type: Air Conditioning
  • Heating: Central
  • Heating Type: Central
  • Equipment: Freezer, Range/Oven, Refrigerator
  • Laundry: Room, Laundry Area, Community
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 01-30-2023
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,733.00
  • Unit Actual Rent: $8,665.00
  • Unit Projected Rent: $9,250.00
  • Like Units: 5
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,223.00
  • Unit Actual Rent: $4,446.00
  • Unit Projected Rent: $4,650.00
  • Like Units: 2
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $866,165.00
  • Assessed Improvement Percent: 40.0
  • Assessed Land Value: $1,299,249.00
  • Assessed Land Percent: 60
  • Assessed Total Value: $2,165,414.00

Property History for 140 South Westmoreland Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

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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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Compass, John Swartz, DRE #01873487; Compass, Scott Syme Jr., DRE #02007311

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.