Carondelet Apartments | 915 S Carondelet St
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Carondelet Apartments 915 S Carondelet St
48 Unit Block of Flats £5,595,240 (£116,567/Unit) 5.64% Net Initial Yield Los Angeles, CA 90006
Investment Highlights
- Marcus & Millichap is pleased to present 915 S Carondelet St, a 48-unit multifamily investment opportunity in the Westlake neighborhood
- The building features a unit mix of one bachelor, 33 singles, six one-bedrooms and eight two-bedrooms
- At the asking price, the property is being offered at a 5.64% CAP rate at 9.01 GRM on current income with an additional 28% rental upside achievable
- Unique opportunity that includes the adjacent lot, currently used for parking with 18 spaces; the lot totals 6,000 SF zoned R4-1 in a Tier 3 TOC
- Renovated units include refinished hardwood floors, updated appliances, tile bathrooms, new cabinetry, and ceiling fans
Executive Summary
Marcus & Millichap is pleased to present 915 S Carondelet St, a 48-unit multifamily investment opportunity in the Westlake neighborhood of Los Angeles located three blocks south of MacArthur Park between S Hoover St & James M Wood Blvd and just east of Koreatown.
Unique opportunity that includes the adjacent lot, currently used for parking with 18 spaces; the lot totals 6,000 SF zoned R4-1 in a Tier 3 TOC. The building features a unit mix of one bachelor, 33 singles, six onebedrooms and eight two-bedrooms; renovated units include refinished hardwood floors, updated appliances, tile bathrooms, new cabinetry, and ceiling fans; many of the units feature exposed brick.
At the asking price, the property is being offered at a 5.64% CAP rate at 9.01 GRM on current income with an additional 28% rental upside achievable as units turn through continued interior renovations. The property has a secured, gated entrance with intercom access and security cameras; common areas are well-kept and there is a community laundry room.
High Walk Score of 94, the property is one mile from the Metro A-E Rail Lines, and walking distance to multiple Metro Local Lines along S Hoover St & W 8th St.This neighborhood of Westlake is ideally located with a short commute to Downtown Los Angeles, Hollywood, and Koreatown. Proximity to MacArthur Park, Echo Park, Doger Stadium, and The Broad Museum.
Unique opportunity that includes the adjacent lot, currently used for parking with 18 spaces; the lot totals 6,000 SF zoned R4-1 in a Tier 3 TOC. The building features a unit mix of one bachelor, 33 singles, six onebedrooms and eight two-bedrooms; renovated units include refinished hardwood floors, updated appliances, tile bathrooms, new cabinetry, and ceiling fans; many of the units feature exposed brick.
At the asking price, the property is being offered at a 5.64% CAP rate at 9.01 GRM on current income with an additional 28% rental upside achievable as units turn through continued interior renovations. The property has a secured, gated entrance with intercom access and security cameras; common areas are well-kept and there is a community laundry room.
High Walk Score of 94, the property is one mile from the Metro A-E Rail Lines, and walking distance to multiple Metro Local Lines along S Hoover St & W 8th St.This neighborhood of Westlake is ideally located with a short commute to Downtown Los Angeles, Hollywood, and Koreatown. Proximity to MacArthur Park, Echo Park, Doger Stadium, and The Broad Museum.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£781,943
|
£24.82
|
| Other Income |
£13,456
|
£0.43
|
| Vacancy Loss |
£39,770
|
£1.26
|
| Effective Gross Income |
£755,629
|
£23.99
|
| Taxes |
£67,326
|
£2.14
|
| Operating Expenses |
£214,044
|
£6.80
|
| Total Expenses |
£281,370
|
£8.93
|
| Net Operating Income |
£474,260
|
£15.06
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £781,943 |
| Annual Per SF | £24.82 |
| Other Income | |
|---|---|
| Annual | £13,456 |
| Annual Per SF | £0.43 |
| Vacancy Loss | |
|---|---|
| Annual | £39,770 |
| Annual Per SF | £1.26 |
| Effective Gross Income | |
|---|---|
| Annual | £755,629 |
| Annual Per SF | £23.99 |
| Taxes | |
|---|---|
| Annual | £67,326 |
| Annual Per SF | £2.14 |
| Operating Expenses | |
|---|---|
| Annual | £214,044 |
| Annual Per SF | £6.80 |
| Total Expenses | |
|---|---|
| Annual | £281,370 |
| Annual Per SF | £8.93 |
| Net Operating Income | |
|---|---|
| Annual | £474,260 |
| Annual Per SF | £15.06 |
Property Facts
| Price | £5,595,240 | Property Subtype | Apartment |
| Price Per Unit | £116,567 | Apartment Style | Mid Rise |
| Sale Type | Investment | Building Class | C |
| Net Initial Yield | 5.64% | Lot Size | 0.43 AC |
| Gross Rent Multiplier | 9.01 | Building Size | 31,500 SF |
| No. Units | 48 | Number of Floors | 4 |
| Property Type | Residential | Year Built | 1914 |
| Price | £5,595,240 |
| Price Per Unit | £116,567 |
| Sale Type | Investment |
| Net Initial Yield | 5.64% |
| Gross Rent Multiplier | 9.01 |
| No. Units | 48 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.43 AC |
| Building Size | 31,500 SF |
| Number of Floors | 4 |
| Year Built | 1914 |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
Site Amenities
- Laundry Facilities
- Security System
- Energy Star Labelled
- Laundry Service
- Online Services
- Public Transportation
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Walk Score ®
Walker's Paradise (94)
Transit Score ®
Excellent Transit (82)
Bike Score ®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | £6,913,627 | |
| Land Assessment | £5,530,904 | Annual Taxes | £67,326 (£2.14/sf) |
| Improvements Assessment | £1,382,724 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£5,530,904
Improvements Assessment
£1,382,724
Total Assessment
£6,913,627
Annual Taxes
£67,326 (£2.14/sf)
Tax Year
2024
zoning
| Zoning Code | R4-2, Los Angeles |
| R4-2, Los Angeles |
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Carondelet Apartments | 915 S Carondelet St
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