1812 West 5th Street is a 40-unit apartment building located in a prime Westlake location just north of 6th street near McArthur Park and the Home Depot, a highly walkable location with access to entertainment, shopping, dining, nightlife, and employment opportunities. Built in 1927, this value-add investment presents the investor an opportunity to achieve a 36% upside in rents after renovations when the units turn. The property will be delivered with ten vacancies at the close of escrow.The subject property is being offered at a 4.77% current cap rate and a 11.17 GRM on current income. Ease of management as the electric and gas utilities are separately metered. There is also a RUBS program in-place for future tenants of water and sewer partial reimbursement. The subject property has an incredible walk score of 93, a Walkers Paradise recognized for its unparalleled access to dining, shopping, parks, schools, amenities and entertainment; and is a short walk to MacArthur Park, Good Samaritan Hospital and the Metro Purple andRed Lines. Westlake is the second-most dense neighborhood in Los Angeles County, according to the Los Angeles Times; its rental market continues to thrive as it is in the center of high-growth neighborhoods such as Pico-Union, Koreatown, Echo Park and Downtown Los Angeles
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