1041 S Corning Street,Los Angeles, CA 90035
Los Angeles, CA 90035
Description
We are pleased to present 1041 S Corning Street, a15-unit (plus one non-conforming single unit) multifamily investment opportunity, located in the coveted Pico Robertson neighborhood. The property sits west of La Cienega Boulevard just south of Olympic Boulevard, a few blocks from Beverly Hills. Built in 1962, the property spans approximately 16,234 SF on a 12,270 SF lot. Offered at $4,700,000 ($313,333/unit, $289.52/SF), reflecting a 5.50% current cap rate and 10.48GRM on in-place income. A diverse unit mix of two one-bedroom units, twelve two-bedroom/two-bath units, one three-bedroom/three-bath unit, and one single, non-conforming unit caters to a wide range of renter profiles. caters to a wide range of renter profiles. The property offers a gated entrance with an intercom system, along with a gated parking garage, providing tenants with a secure, controlled-access living environment. Private balconies are featured on the front and rear of the property add livability and appeal relative to competing product. The property is separately metered for gas and electric. Approximately 9 units have been remodeled with select units featuring new AC Systems. On-site community laundry, equipped with two washers and two dryers. The property offers 16 parking spaces, a notable amenity in the submarket that supports tenant demand and provides the new owner with upside potential through increased parking revenue. The property has experienced healthy natural turnover with limited legacy tenancy, supporting a faster path to market rents for a new owner. Situated in a high-demand, competitive rental submarket just below Olympic Boulevard and west of La Cienega, the property benefits from strong and consistent tenant demand. Several new construction developments along the block signal continued investment and reinvestment in the immediate area, reinforcing long-term value in the location. Pico Robertson remains a tightly held, highly desirable submarket with limited turnover among comparable multifamily assets, offering a rare opportunity to acquire scale just blocks from Beverly Hills.
Details
| MLS # | 26865467 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active Under Contract |
| Year | 1962 |
| Days On Site | 80 |
| Listing Provided By | Marcus & Millichap | Neema Ahadian |
Features
| Bed(s) | 30 |
|---|---|
| Bath(s) | 30 |
| SQ Feet | 16,234 |
| Story(s) | 3 |
| Units | 15 |
| Building(s) | 1 |
| Zoning | LAR3 |
| Acreage | 0.28 |
Interior
| Cooling | None |
|---|---|
| Heating | None |
| Heating Yes / No | No |
| Cooling Yes / No | No |
Parking
| Parking Features | None |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90035 |
| Area | C19 Beverly Center Miracle Mile |
| Listing VS Median (in 90035) | |
Price: $4,700,000 low | high Med: $2,129,000 sqft: 16,234 low | high Med: 5,259 $ / sqft: $290 low | high Med: $405 On site: 80 low | high Med: 176 | |
Market Activity 90035
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90035 |
| Area | C19 Beverly Center Miracle Mile |
| Listing VS Median (in 90035) | |
Price: $4,700,000 low | high Med: $2,129,000 sqft: 16,234 low | high Med: 5,259 $ / sqft: $290 low | high Med: $405 On site: 80 low | high Med: 176 | |