Nestled in the Wilshire Center - Koreatown neighborhood, 157 N. Kenmore Avenue is a true value-add opportunity with tremendous upside. The subject property can be acquired as an existing four-unit building with an attractive 30-year fixed loan for a patient investor looking to occupy one unit or increase rents. Current Rents are approximately 50% below market rents.
The property is conveniently situated in a highly sought-after R3-1 zoning area that falls in the Transit Oriented Communities Tier 3 Eligibility. A savvy developer could potentially build 16-units with 4-units as low income. The Federal Acquisition Regulation (FAR) is 4.5 to 1 and can be built up to 5 stories high with a 67-foot height restriction.*
The Wilshire Center - Koreatown submarket is the 4th most walkable neighborhood in Los Angeles per Walkscore.com. This neighborhood is currently experiencing an influx of development projects which in effect create exceptional opportunities for many investors looking to buy or develop in Koreatown.
*Buyers to verify with the city of Los Angeles.
CA DRE 01515796