/// FOR SALE · EXCLUSIVE LISTING · KOREATOWN
424 S BerendoSt.
LISTEDKOREATOWN · 8 UNITS · 1928 CHARACTER BUILD · RSO · TOC TIER 3
$2,150,000
8
UNITS
6,480
BLDG SF
7,502
LOT SF
1928
YEAR BUILT
LAR3
ZONING
13.1
GRM IN-PLACE
FRONT ELEVATION
UNIT INTERIOR
COURTYARD
AERIAL / ROOF
STREET CONTEXT
/// THE STORY
8-Unit Value-Add in Prime Koreatown — 29% Rent Upside.
Rare 8-unit 1928 character building on a 7,500 SF LAR3 TOC Tier 3 lot in the heart of Koreatown. Long-term ownership with significant loss-to-lease: in-place rents average $1,587 vs market $2,050. Classic floor plans, updated copper plumbing (2019), seismic retrofit completed 2021.
▸29% RENT UPSIDE TO MARKET
▸TOC TIER 3 — 17+ UNIT REDEVELOPMENT POTENTIAL
▸SEISMIC RETROFIT COMPLETED (2021)
▸COPPER PLUMBING (2019)
▸WALK SCORE 94 — STEPS TO METRO D LINE
/// UNIT MIX & UPSIDE
UNIT TYPEIN-PLACEMARKET
1 BD / 1 BA × 6$1,544$2,095
2 BD / 1 BA × 2$2,218$2,650
MONTHLY TOTAL$13,700$17,870
RENT UPSIDE ON TURNOVER, NO ADDITIONS REQUIRED30%
/// THE NUMBERS · BOTH WAYS
IN-PLACEPRO FORMA
GROSS SCHEDULED INCOME$164,400$214,440
OPERATING EXPENSES$54,000$54,000
NET OPERATING INCOME$110,400$160,440
CAP RATE5.1%7.5%
GRM13.0810.03
EXPENSE NOTES: INCLUDES NEW OWNER PROPERTY TAX BASIS, INSURANCE QUOTE, AND 5% MANAGEMENT.
/// ZONING & DEVELOPMENT
▸ZONINGLAR3
▸TOCTIER 3
▸LOT SIZE7,502 SF
TOC Tier 3 allows up to 70% density bonus; lot supports potential 17+ unit redevelopment (buyer to verify).
/// RENT CONTROL STATUS
▸LA RSOSUBJECT TO RSO
Subject to LA RSO. Current allowable annual increase applies.
/// TOURS TUE / THU · OFFERS AS WRITTEN
Talk to Shaya.
LYON STAHL INVESTMENT REAL ESTATE · DRE #01942326