Though the property was originally constructed prior to 1978, The Avalon Apartments is exempt from the City of Los Angeles' Rent Stabilization Ordinance. The City allows an exemption from the RSO for properties that underwent "substantial renovation" and filed proper documents prior to October 1989 (Buyer to verify). An investor can capitalize on the property's recent upgrades, which added modern amenities while preserving the building's vintage 1920's charm, in an effort to recapture the approximately 22% rent upside. The building's plumbing system has been replaced with copper pipes, while the roof has also been replaced in recent years. The owner has upgraded the electric system, with new electric wiring and new subpanels, while also undertaking the expensive and beneficial project of separating the previously master metered electric line such that all units are now individually metered for electricity. A brand new water heater was just installed in recent months as well. Koreatown remains one of the densest submarkets in the United States, with approximately 42,611 residents per square mile. With the average asking price of a single-family home in Koreatown at more than $2,000,000, most residents are priced out of local homeownership, leading to increased demand for rental apartments. In fact, 94% of Koreatown residents live in rental housing, and rents in this submarket are predicted to increase by more than 10% in the next five years. Situated near the intersection of 3rd Street and Vermont Avenue, the asset allows tenants convenient access to one of Koreatown's busiest retail corridors. The iconic Wilshire Vermont mixed-use transit village, developed in 2007 for $136 million, is mere blocks from The Avalon Apartments. Other nearby attractions that contribute to the property's Walk Score of 93 and designation as a Walker's Paradise are The Wiltern, City Center on 6th, Shatto 39 Lanes, and The LINE Hotel.
Courtesy of Marcus & Millichap, Roderick ''Rick'' Raymundo,
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Data last updated 1/27/23