161 S St Andrews Pl Los Angeles, CA 90004

Property Details for 161 S St Andrews Pl

Year built

1971

Construction

WOOD

Lot size

0.20 lot acres

Property size

15,606 SF

Zone code

LAR3

Property type

Apartment buildings

APN

5516-022-023

APU

5516022023

Description

This exceptional 21-unit apartment building, located at 161 S St Andrews Pl in Los Angeles, CA 90004, presents a compelling value-add opportunity. The property, built in 1971, comprises a single three-story building totaling 15,606 square feet on an 8,490 square foot lot. All 21 units are one-bedroom apartments, boasting spacious layouts, with 86% featuring patios. Each unit includes air conditioning and assigned parking. The building offers desirable amenities including a secured subterranean parking garage, owner-owned laundry facilities, and an elevator fully modernized in 2021. The property's prime location, just three blocks from the coveted Larchmont Village, provides residents with convenient access to boutique shops, restaurants, and cafes. The asking price is $4,300,000, representing a price per unit of $204,761.90 and a price per square foot of $275.54. The current NOI is $206,817, with a pro-forma NOI of $401,124, reflecting a significant potential for increased profitability through interior and exterior renovations. This presents a 55% remaining rental upside. The property is zoned LAR3 and boasts a current cap rate of 4.81% and a pro-forma cap rate of 9.33%. Surrounded by prestigious neighborhoods like Windsor Square and Hancock Park, this asset offers a rare combination of location, value-add potential, and strong long-term growth prospects. This is a generational opportunity for long-term ownership, previously family-owned and operated for over 25 years.