502 N Serrano Avenue, Los Angeles, CA 90004

Property Description

Meticulously cared for by the same family for two generations, 502 N Serrano Ave. is incredibly well positioned for an investor to steward to new heights with cosmetic upgrades, unit turnover and potential ADUs. Over the past 20 years, ownership has upgraded the major systems including converting to all copper plumbing, resurfacing and resealing exterior walkway decking, adding a new central water heater and performing a full roof replacement. In 2019, ownership completed the City's mandatory soft-story retrofit. Units have been thoroughly renovated as they turn over, replacing the original bathroom wall heaters with wall/window air-conditioning units. The downstairs unit on Serrano includes a private, secured patio for the tenant's use. The intersection of Serrano and Maplewood Avenues is a quiet area with low density residential and single family homes mixed with mid-sized apartment buildings. 502 N. Serrano is offered at a competitive current cap rate with approximately 20% upside in NOI, with further potential by adding ADUs and implementing RUBS utility reimbursement as new leases are signed. Koreatown is among the highest demand markets in LA. Located in central Los Angeles, west of downtown and south of Hollywood, it's bounded by Beverly Blvd.to the north, Pico Blvd. to the south, Crenshaw Blvd. to the west, and Hoover St. to the east. The neighborhood is well-served by public transportation, with access to the Metro Purple and Red Lines. Koreatown continues to thrive, becoming a vibrant and diverse neighborhood in Los Angeles with over 120,000 residents. The neighborhood's economic growth, new development, increased diversity, and cultural vibrancy have made it a popular destination for residents, businesses, and visitors alike. Ktown is extremely walkable and well-amenitized allowing residents to work, shop, dine and recreate without leaving the area. 502 N. Serrano Ave. is just two blocks from Western Ave., Melrose Ave. and Beverly Blvd. with an incredible amenity base steps away. Koreatown's vibrant culture and ideal central location continue to draw thousands of renters to the area. With its proximity to job hubs, accessible public transit, low vacancy and young demographic, Koreatown has been a favorite among investors and developers--regional to institutional--for over a decade.