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3/17/15
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In a recent apartment comp from LA’s Koreatown area, an investor paid $3.025 mil for a 33-unit ($91.7k/unit) property located at 851 South Kenmore Ave. Built in 1939 on a 13.3k sf lot, the property is near the Los Angeles Metro’s Wilshire/Vermont subway station and interstates 10 and 110 and U.S. Highway 101.
The apartment community consists of one two-story wood-frame building with 29 studio apartments, three one-bedroom/one-bath units and one two-bedroom/two-bath apartment. Unit interiors feature wood-laminate flooring, mirrored wardrobes and window-mounted air conditioning units. Shared amenities include controlled-access entry, on-site laundry, five on-site parking spaces, and a central courtyard.
Ron Harris, executive vice president investments, Michael DiSimone, senior associate, and Paul Darrow, associate vice president investments, all in Marcus & Millichap’s Los Angeles office, represented the seller, a private investor, and the buyer, Winstar Properties.
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