238 S Serrano Avenue
Los Angeles, CA 90004
27250 sqft | 32 beds | 0.41 acres | #25522929
Description
We are pleased to present for sale, The Serrano, located at 238 S. Serrano Ave. This prime Koreatown location is just north of 3rd Street and east of Western Ave., offering easy access to the Wilshire/Western Metro Station, shopping, and entertainment. The Serrano Apartments features 51 units with 23 Studios, 27 one-bedrooms, and 1 two-bedroom. The property has an on-grade parking garage with 41 single and 6 tandem parking spaces (53 total). Utilities are individually metered for electric and master-metered for gas. New ownership can take a different approach and achieve higher rents by extensively renovating units and common areas attracting millennial tenants who have proven to pay more for luxury units. The building is a very short walk to all that Koreatown has to offer. This is a great opportunity to acquire The Serrano Apartments with an in-place cap rate of 5.54%, a GRM of 11.77, with upside to a 7.15% cap rate and a 9.85 GRM.
Property Details
- Property SubtypeResidentialIncome
- Property TypeMulti-Family
- CountyLos Angeles
- Original List Price$11,350,000
- MLS #25522929
- Cost11350000
- MLS #25522929
- Acres0.4107
- Square Feet27250
- Year Built1972
- Bedrooms32
- Stories3
Location
Legal
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Last Updated:Â . Source: CRMLS
Listing Courtesy
Listing Agent: Adam Zunder (#CLW-C106558)
Listing Office: Iconic Investments (#CLW-X80599)
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