Property Detail

Description

406 S Coronado St | 13-Unit Value-Add Multifamily in Westlake, Los Angeles. Built in 1922 on a 7,732 SF LAR4 lot with 6,250 SF of improvements, this renovated asset features a desirable unit mix of (12) 1-bed/1-bath units and (1) studio. The property offers immediate income upside through lease-up of two vacant 1-bedroom units and significant mark-to-market rent growth, with average in-place rents approximately 48% below market. Zoned LAR4 with potential to build up to 8 ADUs under AB1211, providing long-term density and income expansion. Offered at $2,295,000 ($176,538/unit | $367/SF) with a 7.17% in-place cap rate and 11.33% pro forma cap rate, further enhanced by 3.85% assumable financing, laundry, RUBS, and ancillary income.