1209 Lake StLos Angeles, CA 90006

This exceptional 94-unit apartment building, situated in Los Angeles's Pico-Union neighborhood, presents a compelling value-add opportunity. Built in 1926, this four-story building boasts 52,968 square feet on a 22,441 square foot lot and features a striking art deco lobby, on-site parking, controlled access, laundry facilities, and storage units. The unit mix comprises 31 bachelor and 63 studio apartments. Currently generating a NOI of $810,112 (pro-forma NOI of $945,387), the property offers a 5.65% cap rate (pro-forma 6.59%) and is priced at $14,350,000 ($152,660 per unit, $270.92 per square foot). The property benefits from its prime location, boasting a Walk Score of 93, and proximity to major employment centers, including Downtown Los Angeles, and public transportation, including the Westlake/MacArthur Park Purple/Red Line Metro stations. The building is zoned R4-1-HPOZ