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Royal Viking – 62 Units + Hotel License 220 S Alvarado St 59 Room Hotel Los Angeles, CA 90057 $12,500,000 ($211,864/Room) 7.41% Cap Rate
Investment Highlights
- 2024 gut renovation — 21 new units, all LAHD-registered
- By-right: +66 units AND +173 guestrooms (+58,885 SF)
- 10-year restaurant lease anchors commercial income
- Active hotel license — NOT under the Residential Hotel Ordinance
- Parking requirement already zeroed via AB 2097
- 7.41% in-place cap on $926,613 NOI, ~93.5% leased
Executive Summary
Royal Viking Apartments is a 62-unit mixed-use Westlake asset — 59 gut-renovated studios plus 3 commercial bays — offered at $12,500,000, a 7.41% in-place cap on $926,613 of net operating income, approximately 93.5% leased.
THREE PATHS TO VALUE: The asset pays as apartments today, carries a legitimate and active hotel license, and sits on a materially underbuilt 0.92-acre transit parcel — three distinct, non-exclusive ways to create value. It is offered and financed on its in-place residential rent roll; hotel and development scenarios are optionality on top.
TURN-KEY 2024 GUT RENOVATION: 21 new units created; all 59 residential units LAHD-registered and legal.
ACTIVE HOTEL LICENSE + RENT FLEXIBILITY: Legitimate, active hotel license with by-right transient hotel use. The property is NOT subject to the LA Residential Hotel Ordinance; rent stabilization applies only to stays beyond 30 days, as with any pre-1978 Los Angeles building. Seven non-RSO units.
MAJOR DEVELOPMENT UPSIDE: The R4-1 / C2-1 parcel carries an additional 66 dwelling units AND 173 guestrooms by-right (+58,885 SF) beyond what exists today, with required parking already zeroed via AB 2097 and up to 137 more units available via TOC Tier 3. No maximum height in the R4 zone.
DIVERSIFIED MIXED-USE INCOME: 59 studios plus 3 commercial bays anchored by a 10-year restaurant lease, with 47 parking spaces, a pool and a roof deck.
WESTLAKE LOCATION: 0.47 miles to the MacArthur Park Metro B/D station, minutes west of Downtown Los Angeles.
Offered individually or as part of a 7-asset Central-LA portfolio. Full OM, proforma, T-12 and rent roll available. Full co-broke offered.
THREE PATHS TO VALUE: The asset pays as apartments today, carries a legitimate and active hotel license, and sits on a materially underbuilt 0.92-acre transit parcel — three distinct, non-exclusive ways to create value. It is offered and financed on its in-place residential rent roll; hotel and development scenarios are optionality on top.
TURN-KEY 2024 GUT RENOVATION: 21 new units created; all 59 residential units LAHD-registered and legal.
ACTIVE HOTEL LICENSE + RENT FLEXIBILITY: Legitimate, active hotel license with by-right transient hotel use. The property is NOT subject to the LA Residential Hotel Ordinance; rent stabilization applies only to stays beyond 30 days, as with any pre-1978 Los Angeles building. Seven non-RSO units.
MAJOR DEVELOPMENT UPSIDE: The R4-1 / C2-1 parcel carries an additional 66 dwelling units AND 173 guestrooms by-right (+58,885 SF) beyond what exists today, with required parking already zeroed via AB 2097 and up to 137 more units available via TOC Tier 3. No maximum height in the R4 zone.
DIVERSIFIED MIXED-USE INCOME: 59 studios plus 3 commercial bays anchored by a 10-year restaurant lease, with 47 parking spaces, a pool and a roof deck.
WESTLAKE LOCATION: 0.47 miles to the MacArthur Park Metro B/D station, minutes west of Downtown Los Angeles.
Offered individually or as part of a 7-asset Central-LA portfolio. Full OM, proforma, T-12 and rent roll available. Full co-broke offered.
Property Facts
Amenities
- Pool
- On-Site Retail
- High Speed Internet Access
- Patio
- Public Access Wifi
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 59 | $109.00 | - |
Very walkable
80/100
Exceptionally drivable
90/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5154-020-038 | Improvements Assessment | $820,233 |
| Land Assessment | $8,202,345 | Total Assessment | $9,022,578 |
Property Taxes
Parcel Number
5154-020-038
Land Assessment
$8,202,345
Improvements Assessment
$820,233
Total Assessment
$9,022,578
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Royal Viking – 62 Units + Hotel License | 220 S Alvarado St