4651 Council Street

Los Angeles, CA 90004

$2,785,000
Price
12
Beds
10.75
Baths
7,444 Sq. Ft.
$374 / Sq. Ft.
7,444
Sq. Ft.
$374
per Sq. Ft.

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.
  1. Listed by Neema Ahadian • DRE #01346750 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 4651 Council Street

Zoning
LAR2
Parcel Number
5516020010
Total Units
7.0
Living Area
7444
Source Living Area
Vendor Enhanced
Area
Hancock Park-Wilshire
Vacancy Rate
0
Lot Size Area
7424
LISTING UPDATED: 10/25/2024 12:01 AM

Property Details for 4651 Council Street

StatusActive
MLS #24-454031
Days on Market48
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1958
Lot Size0.17 AC / 7,424 SF
CountyLos 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

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: 1+1, 2+1.75
Contract Info
Contract Info
  • Probate: No
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $210,022
  • Net Operating Income: $143,624.00
  • Gross Income: $216,517
  • Cap Rate: 5.16%
  • Gross Rent Multiplier: $12.86
  • Actual Gross Annual Income: $216,517
  • Monthly GrossI Income: $18,043.00
  • Vacancy Allow Dollar: $6,496.00
  • Vacancy Allow Percent: 3.00%
  • Total Annual Expense: 66398
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1705
  • Lot Size Square Feet: 7424
Parking Details
Parking Details
  • Parking Garage: None
  • Total Parking: 10
  • Parking Features: None
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Wall Unit(s)
  • Heating: Central
  • Heating Type: Central
  • Equipment: Microwave, Refrigerator, Stackable W/D Hookup, Range/Oven, Dishwasher
  • Laundry: Stackable
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 10-17-2024
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,095.00
  • Unit Actual Rent: $3,095.00
  • Unit Projected Rent: $3,200.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,491.00
  • Unit Actual Rent: $2,491.00
  • Unit Projected Rent: $2,550.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,295.00
  • Unit Actual Rent: $2,295.00
  • Unit Projected Rent: $2,550.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,115.00
  • Unit Actual Rent: $3,115.00
  • Unit Projected Rent: $3,200.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,907.00
  • Unit Actual Rent: $2,907.00
  • Unit Projected Rent: $3,200.00
  • Like Units: 1
Unit 6 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $1,538.00
  • Unit Actual Rent: $1,538.00
  • Unit Projected Rent: $3,200.00
  • Like Units: 1
Unit 7 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,152.00
  • Unit Actual Rent: $2,152.00
  • Unit Projected Rent: $3,200.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110, 2111, 2112
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $909,911.00
  • Assessed Improvement Percent: 45.41
  • Assessed Land Value: $1,093,645.00
  • Assessed Land Percent: 54.59
  • Assessed Total Value: $2,003,556.00

Property History for 4651 Council Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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.

Similar Homes

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4651 Council Street is a multi-family home for sale in Los Angeles, CA 90004. This property was listed for sale on October 17, 2024 by Marcus & Millichap, it's currently listed at $2,785,000. It has been on the market for a total of 48 days and was last sold on December 12, 2017. This listing's school district is Los Angeles Unified School District. Nearby schools include Van Ness Avenue Elementary School, Magnolia Science Academy 6 School and Fairfax Senior High School. 4651 Council Street is a 12-bed, 10.75-bath, 7,444 sqft multi-family home built in 1958.

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. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Neema Ahadian, DRE #01346750

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.