Catalina Tropics, a 32-unit apartment complex in Los Angeles’ Koreatown neighborhood, traded hands in a recent $6.35 mil ($198k/unit) transaction.
Built in 1955, Catalina Tropics comprises 17 studio units, 13 one-bedroom/one-bathroom units, and two two-bedroom/two-bathroom units across 2 stories. Units average 500 to 850 square feet. The property caters to various living preferences with a charming courtyard-style complex. Tenants enjoy the use of gated parking or private garages and on-site laundry. A secure, gated interior courtyard and pool are beautified by well-maintained landscaped grounds.
Noteworthy for its exceptional location, the complex boasts a walkability score of 94, ensuring convenience for residents. Additionally, it benefits from proximity to premier retail amenities and the Wilshire/Vermont station metro rail, located just 5 blocks away, facilitating easy commuting. This vibrant neighborhood offers an array of amenities including restaurants, shops, and art galleries.
Kevin Kawaoka, CCIM, with NAI Capital Commercial, represented the buyer, a private investor, in the transaction.
“The buyer expressed satisfaction with the acquisition, particularly given the inclusion of a 3.7% assumable loan with Chase bank extending through 2026,” noted Kawaoka. “There is significant potential for increasing rents to market rates, presenting a possible 40% upside in rental income. The opportunity to add up to eight additional dwelling units was desirable to the buyer for long-term cash flow.”
