$2,248,000
$250K PRICE DROP

Estimated payment $14,497/month

Total Views 1,237
-- Bed
16 Baths
7,760 Sq Ft
$290 Price per Sq Ft

About This Home

Prime location! 123 S. Westmoreland Avenue, a 16-unit multifamily asset located in the highly sought-after Koreatown Virgil Village neighborhood of Los Angeles. This property presents a rare opportunity for investors to acquire a value-add asset in one of the city's most dynamic rental markets. Situated just south of 1st Street, between Virgil Avenue and Vermont Avenue, the property occupies a 6,490 SF lot and benefits from excellent transit connectivity via the Vermont/Beverly Metro Stations, as well as numerous Metro Local Lines. The nearby Virgil Avenue corridor is a vibrant and growing hub, offering a diverse array of restaurants, coffee bars, retail shops, and entertainment options that appeal to both residents and visitors. The asset comprises a well-maintained, two-story apartment building totaling approximately 7,760 gross square feet, featuring 16 studio units, each with a private bathroom. Located within a Qualified Opportunity Zone, the property offers potential for significant tax incentives that may enhance long-term returns (Information regarding Qualified Opportunity Zones is provided for general reference only and does not constitute legal, tax, or financial advice. Buyer to perform buyer s own due diligence to verify all permits, SQFT, bedroom/bathroom count, school, and accuracy of all property related info.

Listing Agent

George Morales

Compass License #01984555 Listed on: 05/12/2025

Compass

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1925

Lot Details

  • 6,497 Sq Ft Lot
  • Lot Dimensions are 52x125

Interior Spaces

  • 16 Bathrooms
  • 7,760 Sq Ft Home
  • 2-Story Property

Community Details

  • 16 Units

Listing and Financial Details

  • Assessor Parcel Number 5501-015-008

Property Details

Home Type

Multi-Family

Year Built

Built in 1925

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Levels: Two
  • Street Number Display: Yes
  • Entry Floor: 1
  • Living Area: 7760
  • Lot Acreage: 0.1492
  • Lot Dimensions: 52x125
  • Price Per Unit: 140500.00
  • Stories: 2
  • Year Built: 1925
  • Number Of Photos: 33
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 16.00
  • Price Per S Q F T: 289.69

Exterior Features

  • Other Structures: None

Lot Info

  • Assessed Improvement Percent: 25.00
  • Assessed Improvement Value: 63855
  • Assessed Land Percent: 75
  • Assessed Land Value: 191598
  • Total Assessed Value: 255453
  • Assessor Parcel Number: 5501-015-008
  • Lot Size Area: 6497

Rental Info

  • Owner Pays: Water

Multi Family

  • Unit Type: 2106
  • Gross Rent Multiplier: 11.99
  • Number Of Units: 16
  • Total Annual Expense: 44525
  • Type Of Units: 16
  • Vacancy Allow Percent: 6.10
  • Vacancy Rate: 4

Map

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
07/24/2025 07/24/25 Price Changed $2,248,000 -10.0% $290 / Sq Ft
05/12/2025 05/12/25 For Sale $2,498,000 -- $322 / Sq Ft
Source: The MLS

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Source: The MLS

MLS Number: 25538349

The MLS