926-932 Fedora St 2 biens | Immeuble residentiel | À vendre | 4 699 860 € | Los Angeles, CA

926–932 Fedora Apartments presents an exceptional investment opportunity to
acquire a 24-unit, two-building portfolio strategically positioned in Koreatown,
Los Angeles’ most densely populated and transit-connected submarket. The
properties comprise 4 studios and 20 one-bedroom units totaling 18,528 SF,
situated on two adjacent 7,502 SF parcels that eliminate the need for on-site
management while maximizing operational efficiency.
The portfolio benefits from Koreatown’s unparalleled urban amenities, including
24-hour dining, nightlife, cultural attractions, and immediate access to the
Metro Purple and Red Lines connecting to Downtown LA, Hollywood, and major
employment centers. This prime location ensures consistent tenant demand and
strong lease velocity.
Currently 100% occupied with in-place rents averaging $1,197 per unit, the
properties present compelling value-add potential. Market analysis indicates
achievable rents of $1,692 per unit—a 41% premium, equating to over $10,000
of annual upside per unit. This rent gap, combined with the portfolio’s efficient
two-story walk-up design and surface parking, creates a clear path to NOI growth
through natural turnover and modest renovations.
Financial performance underscores the opportunity: Going-in NOI (T-12) is
$246,825, equating to a 4.5% cap rate at the $5.5M ask. Year 1 pro forma projects
$372,418 in Effective Gross Revenue and $272,746 in NOI, reflecting a 5.0% cap
rate with further expansion to $344,637 NOI by Year 3 (6.3% cap). The separate
parcel configuration enhances operational flexibility while positioning investors to
capitalize on one of LA’s most dynamic and resilient rental markets.