Description

Offering a stabilized cap rate of 8.68% and in-place cap rate of 5.85%, 335 S. Berendo St presents a compelling multifamily investment opportunity in the heart of Los Angeles. This 32-unit property, built in 1925, spans 24,960 square feet on 0.21 acres and is currently 100% occupied. The unit mix includes one- and two-bedroom apartments with an average size of 642 square feet and in-place rents of $1,452 per unit, which are 30% below market rents of $1,846.

The property generates an in-place NOI of $304,053 with a stabilized NOI of $451,601, offering investors significant rental upside. Located in the highly sought-after Koreatown submarket, the property benefits from strong tenant demand and proximity to major employment centers, retail, and public transit. The existing GRM is 8.96, with a potential GRM of 7.34, reflecting the value-add opportunity through rental adjustments.

With fully occupied units, below-market rents, and a competitive price per unit of $162,500, this asset offers robust cash flow and long-term value appreciation potential. Investors will appreciate the property's historic charm, central location, and ability to capitalize on market rent growth.