1723 Corinth AveLos Angeles, CA 90025

Property Details for 1723 Corinth Ave

Year built

1957

Construction

WOOD

Lot size

0.17 AC

Property size (Sq ft)

5,433 SF

Zone code

LAR3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

4261-017-008

APU

4261017008

Description

This exceptional value-add investment opportunity presents a 10-unit apartment building situated in a prime West Los Angeles location, just moments from Sawtelle Boulevard's vibrant restaurants and shops, and conveniently close to Westwood, Santa Monica, and Century City. The existing two-story, 5,433 square foot building, constructed in 1957, comprises eight one-bedroom, one-bathroom units and two studio units. Currently, two one-bedroom units are vacant. The property requires a seismic retrofit for the existing tuck-under parking structure. However, the significant upside lies in the fully entitled plans for a new nine-unit development project. This new four-story building, with subterranean parking, will encompass approximately 10,251 square feet and feature five two-bedroom, two-bathroom units and four three-bedroom, two-bathroom units. Importantly, this new development is exempt from SB8 requirements and does not necessitate any low-income units. All tenants have received Ellis Act notices, with complete vacancy anticipated by March 2025. This presents a unique opportunity for developers or investors seeking a prime West LA location and a substantial value-add or new construction project. Detailed development plans are available upon request. The property sits on a 7,359 square foot lot, has a current NOI of $90,500, and is offered at $2,295,000 ($229,500 per unit and $422.42 per square foot). The property's zoning is LAR3. The APN is 4261-017-008.

• CAP approach

  CAP return

  Valuation

  6%

  $1,688,265

  6.5%

  $1,558,399

  7%

  $1,447,085

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,597,816

  Geo Method

  $1,601,366

• Alternative Use

  Use

  Valuation

  Residential

  $1,558,399

  Hospitality

  $1,427,485

  Educational

  $1,187,651

  Medical

  $1,228,496

  Retail

  $1,847,457

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.044

Longitude

-118.448

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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