Koreatown Triplex - 50% Upside + Devpt Potential
Multifamily | 3 Units | $383,333/unit
Marketing description
2942 W 12th Street, is an exceptionally located value-add triplex in the heart of Koreatown/Olympic Park consisting of a detached 5BD/2BA Craftsman house and a duplex with (1) 3BD/1BA unit and (1) 4BD/2BA unit, totaling approximately 5,020 rentable square feet on a 5,917 square foot LAR3 lot.
The property offers a compelling investment profile with the two occupied units currently generating just $2,959/month combined at below-market rents, while the detached front house will be delivered vacant, providing immediate lease-up or owner-user flexibility. Current income is approximately $89,504 annually, with pro forma gross income projected at approximately $131,400, representing over 50% upside in rents and a clear path to stronger in-place returns.
In addition to the value-add cash flow component, the property benefits from LAR3 zoning and Tier 2 TOC eligibility, creating longer-term redevelopment and density bonus potential in one of Los Angeles’ most transit-oriented rental markets. Offered at an attractive price per square foot in a high-demand location near Koreatown, Downtown LA, Metro access, and major employment hubs, this is a rare opportunity for investors seeking both current income upside and future development optionality
Investment highlights
- Value Add Opportunity With Over 50% Upside in Rents
- Pro Forma 8.97% Cap Rate
- Detached 5 Bed / 2 Bath Craftsman House Delivered Vacant
- Great Owner Occupant Opportunity
- R-3 Medium Density Zoning + Tier 2 TOC Program (Density Bonus)
- Low Price Per Square Foot - $229 PSF
- Walk Score: 93 - Daily Errands Do Not Require a Car
- Close Proximity to Metro Purple Line & Bus Lines
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