4651 Council Street
$2,785,000
12
10.75
7,444
7,444
$374
Description
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...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.
- Listed by Neema Ahadian • DRE #01346750 • Brokerage DRE #01238010 • Marcus & Millichap
Property Details for 4651 Council Street
Zoning
LAR2
Parcel Number5516020010
Total Units7.0
Living Area7444
Source Living AreaVendor Enhanced
AreaHancock Park-Wilshire
Vacancy Rate0
Lot Size Area7424
LISTING UPDATED: 10/25/2024 12:01 AM
Property Details for 4651 Council Street
Status | Active |
---|---|
MLS # | 24-454031 |
Days on Market | 48 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1958 |
Lot Size | 0.17 AC / 7,424 SF |
County | Los Angeles County |
Building Information for 4651 Council Street
Stories2Residences-Year Built1958Building Size-Lot Size0.17 AC / 7,424 SF
Property Information for 4651 Council Street
Property History for 4651 Council Street
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 4651 Council Street
Taxable ValueLand$1,115,517Additions$928,109Total$2,043,626
Tax Record2024$25,755 ($2,146 / month)
Home Facts
Total Finished SqFt7,444 SqFtAbove Grade Finished SqFt7,444 SqFtLot Size7,425 SqFtStyleMulti-Family Res (5+ Units)Year Built1958ZoningLAR2CountyLOS ANGELESAPN5516-020-010
Schools near 4651 Council Street
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Charter - | 6 to 8 | |||
Public - | 9 to 12 | |||
Charter - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Van Ness Avenue Elementary School PublicK to 5 | ||
Magnolia Science Academy 6 School Charter6 to 8 | ||
Fairfax Senior High School Public9 to 12 | ||
Central City Value School Charter9 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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