1209 Lake StLos Angeles, CA 90006

Property Details for 1209 Lake St

Year built

1926

Construction

WOOD

Lot size

0.38 AC

Property size (Sq ft)

52,968 SF

Zone code

LAR4

Property type

Apartment buildings

APN

5136-025-003

APU

5136025003

Description

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

• CAP approach

  CAP return

  Valuation

  6%

  $19,372,884

  6.5%

  $17,882,662

  7%

  $16,605,329

• Comparable approach

  Method

  Valuation

  Relative Method

  $15,612,212

  Geo Method

  $15,612,212

• Alternative Use

  Use

  Valuation

  Residential

  $17,882,662

  Hospitality

  $16,380,422

  Educational

  $13,628,319

  Medical

  $14,097,017

  Retail

  $21,199,606

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.0492

Longitude

-118.283

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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