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$1,560,000
Est. payment /mo
7,680 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 7,680 sqft
Price per Sqft $203
MLS Listing ID CL26667235
HOA Y/N No
Year Built 1925
Lot Size 7,711 Sqft
Acres 0.177
Property Sub-Type Other
Property Description
101 N. Kenmore Ave. is an 8-unit Melrose Hill offering priced at $195,000 per unit and $203 per SF, and operating at a 9.01 GRM on current rents. The pricing aligns with recent sales in the area, while offering stronger in-place income and approx. 25% rental upside based on renovated units nearby. The property is located approx. 0.6 miles from the 6th St. corridor surrounding Chapman Market, approx. 1.5 miles from Wilshire/Western and the core of Koreatown, and within close reach of Larchmont Village. This positioning places residents near a dense mix of restaurants, cafs, and neighborhood retail, while maintaining access to multiple employment corridors that continue to support steady rental demand throughout Mid-City. Originally constructed in 1925, the building features a Spanish-style exterior with a warm stucco faade, decorative parapet lines, and a centered entry that opens into a gated front courtyard. The layout creates separation from the street and reflects the type of character-driven housing that continues to perform well in Melrose Hill. The unit mix and building configuration support a straightforward value-add strategy. Based on renovated rental comparables, the property offers approx. 25% rental upside, with stabilization projected at an 8.85% CAP and 7.19 GRM. Additional upside exists through the detached rear garage structure, which presents potential for ADU conversion or expansion, subject to buyer verification. ***Major building systems have already been addressed. Recent capital improvements include vertical plumbing upgrades in select units, sewer line replacements and connection work, copper plumbing upgrades, roof repair and waterproofing, and common area improvements. Additional work includes window screen replacements, exterior painting, and select system updates, reducing near-term capital requirements and allowing a buyer to focus on interior turnover and rent growth.*** With in-place income, completed system upgrades, and a location positioned between the 6th Street corridor, Koreatown, and Larchmont Village, 101 N. Kenmore Ave. offers an 8-unit Melrose Hill asset where pricing, condition, and upside are aligned.
Location
State CA
County Los Angeles
Zoning LAR3
Interior
Fireplace No
Laundry Common Area, Laundry Room
Building
New Construction No
Others
Tax ID 5518016024
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Listed by Max Berger • Compass
NEARBY SCHOOL & BUSINESS
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Parisa Samimi
Founder & Real Estate Broker | License ID: 01858122
Founder & Real Estate Broker License ID: 01858122