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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Listing Agent: Karen Harrosh
Listing Office: Weichert, Realtors-All Stars