Sunday, March 22, 2015

Koreatown Apartment Building in Los Angeles, CA Sells for $3 Million


851 South Kenmore Avenue, Koreatown Neighborhood, Los Angeles, CA


Ronald Harris
LOS ANGELES, CA  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 851 South Kenmore Ave., a 33-unit apartment community located in Los Angeles’s Koreatown neighborhood.

The $3,025,000 sales price equates to $91,667 per unit.

            Ron Harris, executive vice president investments, Michael DiSimone, senior associate, and Paul Darrow, associate vice president investments, all in Marcus & Millichap’s Los Angeles office, represented the seller, a private investor, and the buyer, Winstar Properties.

“The property is a well-maintained building with distinctive 1930s-style architectural touches,” says Harris.

Michael DiSimone
“This multifamily investment real estate asset possesses a stable operating history and provides the new owner with potential upside in rental income,” adds DiSimone.

Built in 1939 on a 13,343-square-foot lot, the property is proximate to the Los Angeles Metro’s Wilshire/Vermont subway station and interstates 10 and 110 and U.S. Highway 101.

The apartment community consists of one two-story wood-frame building with 29 studio apartments, three one-bedroom/one-bath units and one two-bedroom/two-bath apartment. 

Unit interiors feature wood-laminate flooring, mirrored wardrobes and window-mounted air conditioning units.

Shared amenities include controlled-access entry, on-site laundry, five on-site parking spaces, and a central courtyard.

 For a complete copy of the company’s news release, please contact:

Gina Relva
 Public Relations Manager

(925) 953-1716

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