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$ 3,685,000
Est. payment | /mo
12,936 SqFt
$ 3,685,000
Est. payment | /mo
12,936 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 12,936 sqft
Price per Sqft $284
MLS Listing ID CL26854765
HOA Y/N No
Year Built 1923
Lot Size 8,118 Sqft
Acres 0.1864
Property Sub-Type Other
Property Description
We are pleased to present 1214 W 8th Street, a 37-unit SRO apartment building in the Westlake submarket of Los Angeles. Situated along a primary connector between Downtown LA and the surrounding neighborhoods, the property offers immediate freeway access and a perfect 100 Transit Score. Built in 1923 as a 39-room hotel and converted to residential use in 2010, the property received new tile flooring, doors, sinks and faucets, fresh paint, smoke detectors, and a security system at the time of conversion. The building has operated as a stabilized income-producing asset for over a decade since. The unit mix includes 21 SRO units with shared bathrooms and16 SRO units with private en-suite bathrooms, plus one retail space along 8th Street currently occupied by a mini market. Each floor is served by two bathrooms and two shower rooms for shared bathroom tenants. Additional building features include a large lobby, a ground-floor leasing office, and a basement storage area approximately one-quarter the size of the building footprint, which is not reflected in the recorded 12,936 SF. At the asking price of $3,685,000, the property is offered at $99,595 per unit and $284 per square foot, generating a current cap rate of 8.91% and a 6.63 GRM on in-place income. Income is further supplemented by a large billboard with direct 8th Street frontage and the ground-floor retail space, both of which contribute to the overall revenue profile and provide upside as leases turn. Westlake benefits from persistent renter demand anchored by proximity to Downtown LA employment, major healthcare institutions, and one of the most extensive public transit networks in the region. The submarket draws a stable, transit-oriented renter base and has historically maintained strong occupancy through varying market conditions.1214 W 8th Street is a well-located, cash-flowing SRO asset offered at an attractive basis with strong day-one returns and a clear path to increased income through rent-to-market. It represents a compelling opportunity for an investor seeking durable yield in one of Los Angeles' most supply-constrained urban submarkets.
Location
State CA
County Los Angeles
Zoning LACW
Interior
Heating None
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 5143002010
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Listed by Neema Ahadian • Marcus & Millichap
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