For Sale / CA / Los Angeles County / Los Angeles / 90057 / 571 S Coronado St

571 S Coronado St Los Angeles, CA 90057

  • For Sale $19,000,000

  1. 0 full, 0 partial baths
  2. 62,826 sq ft
  3. 15,084 sq ft lot
This offering presents an exciting value-add opportunity located at 571 South Coronado Street in Los Angeles’ rapidly redeveloping Westlake neighborhood. The property is within easy walking distance of MacArthur Park and offers easy access to transit options: the property is a half-mile from the Westlake/MacArthur Park station of the Metro Red and Purple lines, across from a metro stop that serves the 603 bus line that runs from the Glendale Galleria to Grand Station, and proximate to the 101 and 110 freeways. 571 South Coronado Street is a 1923 construction mixed-use asset with 46 one-bedroom units, 20 bachelor units, eight singles, and two commercial spaces. The property also features a basement and storage spaces for select units. The building is submetered for electric. Recent improvements include new flooring and paint in the hallways, elevator and plumbing upgrades, and roof improvements. A new investor may be able to submeter for gas and implement a RUBS program for water, sewer, and trash to reduce expenses and increase cash flow. Pro forma other income includes these assumptions. With current rents substantially below market, this offering presents an excellent opportunity for an investor to acquire in a popular redeveloping market and capture over 40 percent rental upside.
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Property details

Bathrooms
0 full, 0 partial
Square footage
62,826 sq ft
Lot size
15,084 sq ft lot
Year built
1923
Type
Multi Family
Parking spaces
Garage (0), Carport (0), Uncovered (0)

Listing information

MLS #
PW20036811
Listed by
David O'keefe, Marcus & Millichap, BRE #01928739

MLS details

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Location

Neighborhood
Westlake
Subdivision
C42 - Downtown L.A.
County
Los Angeles County
571 S Coronado St, Los Angeles, CA 90057

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