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 $7,500,000 Request Information

A 2017-built, 13-unit boutique multifamily asset — 100% leased, presented turnkey, and offered by the original developer. Secured subterranean parking and elevator-served access. A stable asset with multiple levers to expand net income.

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/1BA · 5× 2BR/2BA · 5× 2BR/2.5BA

Bed / Bath23 BR · 25.5 BA

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

$7.5M

$577K/unit · $355/SF

Occupancy

100%

leased · 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

~$355/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

The current assessment exceeds the asking price, so reassessment under Proposition 13 is expected to lower property tax ~$15K/yr.

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

Greater rent-setting flexibility than most of the market

The LA Rent Stabilization Ordinance applies to buildings constructed before October 1978 and limits annual increases; it applies to a large body of older rental housing citywide. 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.*

This asset is not among them

Built 2017 — outside the pre-October-1978 RSO threshold

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. For scale, the Los Angeles Housing Department’s annual inventory records 661,851 RSO-regulated rental units citywide, as published by the Los Angeles City Controller (2024). A Koreatown-specific figure has not been 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 $7,500,000 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.