216 Coronado St Los Angeles, CA 90026

Property Details for 216 Coronado St

Year built

2023

Property size

6,025 SF

Property type

Commercial real estate

APN

5157-008-004

Description

This exceptional 2023-built, Class A multifamily property located at 216 N Coronado St, Los Angeles, CA 90026, presents a compelling investment opportunity. The property consists of two three-story buildings encompassing five units: four three-bedroom, 3.5-bathroom units and one one-bedroom, one-bathroom accessory dwelling unit (ADU). Totaling 6,025 square feet on a 6,002 square foot lot, the property boasts a 5.40% pro-forma cap rate and a projected net operating income (NOI) of $183,640. Each unit features high-end finishes, including engineered hardwood floors and custom cabinetry. The three-bedroom units offer private rooftop decks with Downtown Los Angeles skyline views. All units are separately metered for gas, electric, and water, providing efficient utility management. The property is currently vacant, offering flexibility for either short-term or long-term rental strategies. With six parking spaces (one per unit), the property is ideally situated near Silver Lake, Echo Park, and Downtown Los Angeles, benefiting from strong rental demand. The property is zoned LARD1.5 and features a desirable unit mix, making it an attractive investment for both short-term and long-term rental strategies. The asking price is $3,400,000, representing a price per unit of $680,000 and a price per square foot of $564.32. This turnkey property offers a rare opportunity to acquire a high-quality, newly constructed multifamily asset in a highly desirable Los Angeles location.