32-Unit Trophy Multi-Family Apartment Building

Highlights:

• Non Rent-Control With Upside
• Value Add Opportunity
• Trophy Property in Prime Koreatown
• Large Corner Lot
• Excellent Rental Area
• Mostly One Bedrooms
• Close to Public Transportation
• Large Subterranean Parking Garage
• On Site Laundry Facility

Description:

We are pleased to exclusively list a 32-Unit trophy multi-family apartment building located in the highly desirable Koreatown submarket of Los Angeles. Built in 1988, and not subject to the rent stabilization ordinance, the Harvard Apartments boast a mix of 1-bedroom, 2-bedroom, 3-bedroom, and 1-bedroom+lo_ units. The Property represents a true value-add opportunity with several of the units in unremodeled condition and current rents below market for renovated rents. Many units have been renovated in recent years featuring wood inspired laminate flooring, granite countertops, stainless-steel appliances, and laundry machines. Located in one of Los Angeles’ most walkable neighborhoods, residents have immediate access to many of the best restaurants, bars and shops in Koreatown. The Property’s dynamic location on draws an increasing number of educated young-professionals that are abracted to Koreatown’s amenity rich makeup, proximity to Los Angeles’ top employment centers and transit oriented design, all of which allows for a live – work – play, urban lifestyle. Koreatown’s rental market continues to see low vacancy rates and increasing rents, a sign of ongoing demand for rentals, and as the cost of homeownership continues to rise, Harvard Apartments is well-positioned for continued growth.

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