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.