1975 Corning St Los Angeles, CA 90034-1424
- Apartment buildings
- 12,816 SF
- 0.29 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1975 Corning St
- Year built
- 1963
- Construction
- WOOD
- Lot size
- 0.29 lot acres
- Property size
- 12,816 SF
- Zone code
- LARD2
- Property type
- Apartment buildings
- APN
- 4302-028-035
- APU
- 4302028035
Description
This exceptional 15-unit apartment building at 1975 S Corning St, Los Angeles, CA 90034, presents a compelling investment opportunity. Built in 1963, this 12,816 square foot property boasts a classic 60's courtyard design with garden-style walk-up units, a highly desirable feature in the Westside's La Cienega Heights neighborhood, bordering Palms. The property enjoys a prime location just north of the 10 Freeway and a few blocks west of La Cienega Boulevard, offering easy access to the employment centers, dining, and retail options of Beverly Hills, Culver City, and Hollywood. Its convenient location is further enhanced by its proximity to a large retail center featuring Target, LA Fitness, and CVS, just two blocks away. The current NOI is $221,889, resulting in a 4.04% cap rate. However, with strategic rent increases through organic turnover or "cash for keys," a pro-forma NOI of $325,047 and a 5.91% cap rate are projected. The asking price is $5,499,000, translating to $366,600 per unit and $429.07 per square foot. The property's strong unit mix, predominantly two-bedroom units, and the potential for ADU additions further enhance its investment appeal. This secured, garden-style building represents a tried-and-true investment in a consistently high-demand area.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Los Angeles
- County
- Los Angeles
- State
- California
- Longitude
- -118.38
- Latitude
- 34.0413
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
