676 S Rampart Blvd Los Angeles, CA 90057

• June, 2024

• Jun 11, 2024

  Date

  Active

  CRMLS: 24402841

  $5,760,000

  Price

• May, 2023

• May 6, 2023

  Date

  Expired

  CRMLS: SR23024374

  $6,300,000

  Price

• Feb 12, 2023

  Date

  Active

  CRMLS: SR23024374

  $6,300,000

  Price

• Listing provided courtesy of CRMLS

  Weichert, Realtors® - All Stars is proud to offer for sale The Avalon Apartments, a 32 unit apartment building located at 676 S. Rampart Blvd. Originally constructed in 1926 in the Art Deco style, The Avalon Apartments is situated near Koreatown. This striking 4-story structure is comprised of 32 units each individually metered for both gas and electric, including 24 studios, and 8 one bedroom/one bathroom units. This offering presents a unique opportunity to acquire a vintage asset that offers strong cash flow and strong upside in the rental income. The Avalon Apartments is ideally positioned to take advantage of a strong rental market. All the units have undergone significant renovation, including energy- efficient stainless steel appliances, cabinetry, and backsplashes in the kitchen. The apartments maintain the vintage essence of a 1920s Art Deco style building with concrete-wall construction. The Avalon Apartments provides investors with the opportunity to purchase a multi-family asset with significant upside at a projected capitalization rate of 6.77%. The exterior was recently painted and new planters were incorporated into the landscaping. Interior renovations include wood flooring throughout the common area, an intercom system, and security cameras throughout the property. Amenities at The Avalon include an elevator, and on-site laundry room. Adjacent to trendy Koreatown with an array of shopping and dining amenities, The Avalon Apartments are located just minutes away. Local schools include Frank Del Olmo Elementary School, Commonwealth Avenue Elementary School and Virgil Middle School. Local transportation includes the Metro Wilshire/Western station servicing the Purple Line and the Metro Wilshire/Vermont station servicing the Red Line. Both stations are within less than one mile from The Avalon Apartments.

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• February, 2023

• Feb 21, 2023

  Date

  Expired

  CRMLS: 22204065

  $5,700,000

  Price

• Sep 29, 2022

  Date

  Active

  CRMLS: 22204065

  $6,100,000

  Price

• Listing provided courtesy of CRMLS

  We are pleased to offer for sale a 32-unit apartment community located at 676 S Rampart Blvd. Ideally located just west of MacArthur Park, the property boasts a great unit mix of twenty-four (24) studios and eight (8) one bedrooms. The building itself is a four-story building on a 5,997 square-foot lot and the rentable square feet checks in at approximately 17,680 square feet. This asset offers an investor a tremendous opportunity to purchase a well-maintained, well-located asset with exceptional value-add potential. Based on our calculations, the rental upside is right around 50%, which gives the buyer plenty of opportunity to increase income as tenants move out and increase their returns. Another very intriguing aspect of this property is that it is separately metered for gas & electricity, meaning that tenants are responsible for their own utility usage. This rare opportunity is perfect for long-term investor who is looking to place their money into a well-located asset with great future potential. If you are interested in this property, please give us a call today to discuss the opportunity.

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• June, 2022

• Jun 4, 2022

  Date

  Expired

  CRMLS: 22136373

  $6,304,000

  Price

• Mar 14, 2022

  Date

  Active

  CRMLS: 22136373

  $6,304,000

  Price

• Listing provided courtesy of CRMLS

  676 Rampart Blvd. is a beautiful Beau Arts style apartment property located in Mid-Wilshire/Koreatown just a half-block south of Wilshire Blvd. The immediate area is one of the most interesting and investment rich locations in Los Angeles with new developments like the Kurve on Wilshire and registered historic trophy apartments like the Wilshire Royale, Bryson and The Town House dotting the skyline. The iconic Art Deco Bullocks Wilshire historic-cultural monument is just a few blocks away from 676 Rampart, purchased and adapted by Southwestern Law School in 1994. Ownership estimates that about one-third of the units have been renovated, offering real value-add opportunity on the majority of apartments. The building is separately metered for electricity and is plumbed for separate gas meters but currently master metered. About 34% upside in rents is projected given today's loss to lease and further NOI growth is possible by implementing a RUBS program on turnover. The property is subject to the Los Angeles Rent Stabilization Ordinance and features a common laundry area for the tenants' use. Available as a portfolio with 5607 Virginia Ave. (24 units). Visit the Property Website or contact the Listing Team for the Offering Memorandum.

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• July, 2018

• Jul 11, 2018

  Date

  Sold (Public Records)

  Public Records

  $4,100,000

  Price

• July, 2015

• Jul 31, 2015

  Date

  Sold (Public Records)

  Public Records

  $2,800,000

  Price

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