A 36-unit apartment building in Los Angeles’ Rampart Village neighborhood has hit the market, with an asking price of $18.5 million, or approximately $513,888. The property is being listed by Kidder Mathews, and offers a mix of renovated units with luxury finishes.
Located at 350 S. Reno Street, the property totals 38,612 square feet and offers both two-bedroom as well as two-bedroom lofted units. The five-story building was built in 1990 and has since undergone numerous renovations by its current owner, Safco Capital Corporation, which initially acquired the property in 2019 for an undisclosed amount.
The listing shows that 19 of the units have been fully renovated, while 12 units have been partially renovated. Renovations include a variety of luxury finishes, such as quartz countertops, vinyl plank flooring, new kitchen cabinets, backsplashes and remodeled bathrooms. With current renovations and rental rates, the property offers a net operating income of $747,177.
“Originally constructed in 1990, the Property is a well-maintained, luxury five-story structure that has undergone significant renovations and offers the opportunity to add value through additional renovations,” Kidder Mathews states in the listing.
With its location in Rampart Village, the property is also a close walk to Westlake, Koreatown and downtown Los Angeles. The walkable area also puts the property in close proximity to a number of restaurants, shopping amenities, hotels, entertainment venues and several Metro stations.
Just a short drive from the property is an additional luxury apartment complex recently put on the market by Safco. Located in Larchmont Village, the company recently placed the 21-unit Larchmont Lofts for sale at 5700 Melrose Avenue. While primarily investing in retail assets, the company has been making moves in Los Angeles’ multifamily market in recent months. In Westlake Village, the investment and development company is also proposing a 264-unit mixed-use project at 733 S. Park View Street.
Kidder Mathews did not respond to requests for comment.
