The James Group is pleased to present 2562 W. 11th St., an 8-unit apartment building in Koreatown, just blocks from the intersection of Vermont Ave and Olympic Blvd. Built in 1939, the property consists of (8) 1 Bed, 1 Bath units totaling approximately 6,270 rentable square feet on a large 10,005 square foot LAR4 corner lot. Each unit offers a spacious layout of approximately 784 square feet, and the property features eight private detached garages, a rare amenity in one of the densest neighborhoods in Los Angeles. Offered at $1,650,000 ($206,250 per unit and $263 per square foot), the property is 100% occupied at a 6.41% cap rate and 10.17 GRM, with approximately 39% upside in rents bringing the pro forma cap rate to 9.95% and the GRM to 7.31.
Beyond the rental upside, the site offers multiple paths to add value. The 10,005 square foot LAR4 lot allows 25 units by right and up to 42 units with TOC Tier 3 incentives, and the eight detached garages create an ideal ADU opportunity under California SB 1211. Units are individually metered for gas and electricity.
Koreatown is one of the most active rental markets in Los Angeles, with nonstop dining, nightlife and entertainment drawing renters from across the city. One block away, Link Kora, a 228-unit, Target-anchored mixed-use development by Grubb Properties, is under construction at Vermont Ave and 11th St. The property has a Walk Score of 87, with Metro Rapid service along Vermont Ave, the Metro B and D Lines at Wilshire/Vermont, and quick access to the 10 and 110 Freeways.
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