KOREATOWN IS A GOLD MEDAL MULTIUNT INVESTMENT MARKET

June 26, 2012 on 8:12 pm | In Fascinating Information, For Your Purchasing Pleasure, fUNNY...mONEY, Investment Opportunities, Trends, Uncategorized | 8 Comments

by Jodi Summers

Koreatown is this summer’s Olympic income property investment in Los Angeles. Word out of escrow is that residential income in zip codes 90020, 90006, 90005, 90004, 90010 are winning the revitalization renaissance thanks to recent college grads moving into the neighborhood.

The MLS showed a total of 18 units available in the Koreatown area, with 1- bedroom units renting for $1,150 – $5,250 and 2- bedroom units leasing @ $1,550 – $6,750.

Investors > strong NOIs and GRMs on Koreatown properties when compared with other parts of L.A. Buy a 24-unit property like 838 S WILTON PL 90005 @ an asking price of $2,649,999 and score a net operating income of $140,351. Another strong competitor is the 16-unit property @ 4663 ROSEWOOD AVE, LA 90004 > asking price $2,000,000 >   $98,455 NOI. Want to know more, contact us: Jodi@jodisummers.com.

Powerbrokers like California Landmark Group are allocating sectors of their more than $75 million in investment funds to Koreatown and Downtown L.A. urban infill. The bigger the building, the better.

Multifamily development properties are currently the Olympic choice in Southern California.

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http://pro.themls.com//membersonly/THEMLSPRO/select.cfm?frame=inc&search

http://koreanslate.com/koreatown-los-angeles-zip-codes.html

http://www.globest.com/news/12, 380/losangeles/multifamily/Firm-Allocates-75M-for-SoCal-Investment-322756.html?ET=globest:e31240:277110a:&st=email

http://www.socalmultiunitrealestateblog.com/?p=2003

http://www.flutetunes.com/img/posts/olympic-truce-emblem.jpg

8 Comments »

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  1. How will Korea fare in the summer Olympics?

    Comment by seaunits — June 27, 2012 #

  2. Astani Enterprises has sold a three-acre, 130,000-square-foot parcel downtown for $63 million to a buyer recorded on the deed of sale as CPIVG8 LLC. The sale price was approximately $500 per square foot, which is a record amount for a land sale of its size in downtown.

    The site, which is currently being used as a parking lot, comprises almost an entire city block between Seventh and Eighth streets and between Grand and Olive (with the exception of Brockman Lofts). As part of the sale, the buyer will receive Astani’s entitlements and designs to construct what will eventually become a 700-unit steel and glass, Type 1 low-rise apartment building with a rooftop pool. The complex will include almost an acre of open space, plus high-end amenities including a screening room, lounge and spa for its 1,000 occupants, and 36,000 square feet of retail space—large enough for a national grocery store. Astani founder and chairman Sonny Astani tells GlobeSt.com that construction costs for the entitled properties will be $180 million and that the valuation of the project upon completion will be $300 million.

    Comment by Astani Enterprises — June 27, 2012 #

  3. There is a place called Koreatown?

    Interesting. Sounds like good numbers for investors in Multi units

    Comment by Phil — July 2, 2012 #

  4. Park Catalina, a class A apartment community at 690 S. Catalina St. in the Los Angeles submarket of Koreatown, has changed hands for $23.65 million. The buyer is Essex Property Trust.

    Comment by Dolce — July 6, 2012 #

  5. 20- and 30-somethings are drawn to urban, walkable areas that reflect their lifestyles. Gen Y renters are extremely connected to the Web and social media, which gives them different habits and influences when they make consumer choices.

    Comment by JenChan — July 22, 2012 #

  6. Mostly these are the Millennials – adults roughly 20 to 34-years-old, also known as Generation Y or the Echo Boom – who have delayed childbearing, marriage, and even household formation because of a combination of changing culture and economic necessity. Urban living makes sense for these young people: compared with suburbs, cities often provide young adults more opportunities to switch jobs, meet friends and potential spouses, enjoy entertainment outside their homes, live without a car, and travel to other parts of the country and world.

    One of the most interesting questions for cities in the next 10 to 20 years is how many Millennials will stay there. The last time this big a generation of young people started reaching their late 20s was the Baby Boomers in the early 1970s. Is that transition a good point of reference for the Millennials? Many signs point to no.

    Comment by The Atlantic Cities — September 23, 2012 #

  7. Landlord Credit Report…

    Jodi Summers = Multiunit Real Estate » KOREATOWN IS A GOLD MEDAL MULTIUNT INVESTMENT MARKET…

    Trackback by Landlord Credit Report — November 2, 2012 #

  8. loans for Investment properties…

    Jodi Summers = Multiunit Real Estate » KOREATOWN IS A GOLD MEDAL MULTIUNT INVESTMENT MARKET…

    Trackback by loans for Investment properties — January 24, 2013 #

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