Overview
Cushman & Wakefield U.S., Inc., as exclusive advisor, is pleased to present an exceptional investment opportunity near the heart of Koreatown: 236 Vendome (the “Property”), a beautiful, 8-unit multifamily property nestled in the heart of Koreatown, one of Los Angeles’ most vibrant neighborhoods. The building embodies classic Los Angeles residential architecture, characterized by a blend of Mediterranean and Spanish Colonial Revival influences, featuring tile roofing, arched windows, wrought iron details, and other timeless architectural elements. Boasting a prime location, 236 Vendome offers excellent accessibility to Koreatown's renowned cultural and dining scenes.
Situated on a 0.30-acre parcel, 236 Vendome offers an attractive mix of two (2) 1BR/1BA and six (6) 2BR/1BA units, exhibiting a blended average unit size of over 1,000 square feet per unit. Each unit features an efficient layout with highly attractive and unique interior design characteristics. Nine (9) gated parking spaces are located on the eastern side of the property, and are accessible via the alleyway abutting the that side of the Property.
Investment Highlights
BELOW MARKET RENTS:
- Current rents are significantly below market levels.
- Opportunity to increase rents by 50%+ upon unit turnover.
PARKING INCOME POTENTIAL:
- No existing agreements for parking spaces in pre-existing rental agreements.
- Koreatown has high population density and a scarcity of residential parking, making parking spaces highly coveted and adding value.
- Comparable buildings rent parking spaces for an average of $125 per space. Potential to generate an additional $16,500 annually from the 11 available parking spaces.
DENSIFICATION:
- Based on the existing improvements and configuration, 236 Vendome can accommodate the new development of additional multifamily units.
- Additional units can be added to Property via utilization of the ADU ordinance, or via Tier 3 TOC or density bonus incentive programs.
ACCESSORY DWELLING UNIT (ADU) DEVELOPMENT:
- The area currently used for parking (22’ deep x 110’ wide) is eligible for 2-3 ADUs.
- Preliminary plans include two 2-bedroom/2-bathroom units with ground-level parking(tuck under) and second-story ADUs.
- Estimated all-in cost for tuck under parking and ADUs is $650,000 - $700,000(via Cottage Development).
- Each ADU can achieve an estimated $3,000+ in monthly rental income per unit, equatingto over $45,000 annually in additional NOI.
