Exclusively Listed · Koreatown, Los Angeles

The Union Building

A 2017-built, 100% leased boutique multifamily asset in the heart of Koreatown.

3951 Ingraham Street · Los Angeles, CA 90005 · 13 units + community room · Built 2017

Offered at $7,700,000 Request Information

A 2017-built, 13-unit boutique multifamily asset — 100% leased and presented turnkey, with secured subterranean parking, elevator-served access, and a demonstrated record of immediate re-leasing on turnover.

Location & Market — Koreatown

One of LA's densest, most transit-rich submarkets

Anchored on the Wilshire corridor and the Metro D (Purple) Line, midway between Downtown, Hollywood, and the mid-Wilshire job centers. A predominantly renter market with deep, durable demand.

±85,000

residents within 1 mile

Renter

majority submarket

Metro D

Line · Wilshire corridor

2017

newer-vintage scarcity

Facts

Units13 + community room

Year Built / Stories2017 / 6

Building Area±21,100 SF

Lot Size±8,403 SF

Unit Mix3× 1BR · 10× 2BR (23 BR)

Occupancy100% leased

Parking25 secured subterranean

AmenitiesElevator · controlled entry · A/C

Rent ControlOutside LA RSO · AB 1482 exempt*

ZoningLAR4P · Koreatown

Flood ZoneZone B/X · outside SFHA

APN5092-030-023

Pricing & Return Summary

Offered At

$7.7M

$592K/unit · $365/SF

Forward Yield-on-Cost

~4.6%

pro-forma, stabilized

Rent Control

Outside RSO

2017 construction*

Highlights

Outside the RSO

2017 construction sits outside the RSO, which applies to pre-October-1978 buildings; currently AB 1482 exempt.*

Below replacement cost

~$365/SF — under the cost to build new in this corridor today.

Turnkey 2017 build

Elevator, secured garage, central systems — low capex, low operating friction.

100% leased

Fully stabilized; recent turnover re-leased with no vacancy gap.

Taxes reset lower

Reassessment on sale cuts property tax ~$13K/yr below the current basis.

Opportunities

Rent-setting flexibility — as newer construction outside the RSO, rents reset to market on turnover rather than under the annual cap applying to most older stock.*
RUBS utility recovery and ancillary income (parking, storage, pet) — income not in today's numbers.
~1,500 SF of finished common / general-use area — potential to convert to an additional residential unit, subject to permitting and feasibility.

The Non-RSO Advantage

Uncapped, while most of the market is not

The LA Rent Stabilization Ordinance applies to buildings constructed before October 1978 and limits annual increases; published market commentary places the share of the city’s rental stock under that framework at roughly three in four. Built in 2017, this property sits outside the RSO, and is currently exempt from AB 1482 under that statute’s rolling 15-year new-construction exemption.*

Outside the RSO — including this asset

Pre-1978 stock under the RSO framework

Rents on this asset reset to market on turnover rather than under the annual cap applying to most older stock.

*Rent-regulation status reflects the seller’s understanding based on the 2017 construction date. AB 1482’s new-construction exemption operates on a rolling 15-year basis and would be expected to lapse in the early 2030s. Share of RSO-covered stock is an approximation from published third-party commentary and is not independently verified. Not legal advice — buyers must verify all rent-regulation status, and any density-bonus or affordability covenants, with qualified counsel.

The Offering

Offered at $7,700,000 on an exclusive basis. Additional financial and property information is available to qualified prospects, subject to a confidentiality agreement. Tours by appointment with respect to tenants in occupancy.