9.44% Pro Forma Cap Rate - 50% Upside
Multifamily | 3 Units | $366,333/unit
Marketing description
Motivated Seller - $50K Price Reduction - 5.55% Current Cap Rate & 9.44% Pro Forma Cap Rate - 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 the front unit rented and pro forma gross income projected at approximately $131,400. Representing over 50% upside in rents.
The property also 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
- Massive Triplex With Over 5000 square feet of living space - Priced at $219/SF
- 5BD/2BA House Delivered Vacant
- Vibrant Koreatown Location – 93 Walk Score
- Value Add Opportunity - Over 50% Upside in Rents
- Future Development Opportunity - Zoned R-3 and in a Tier 2 TOC area (Density Bonus)
- 8.44% Pro Forma Cap Rate
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