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$4.175 Mil Price Reduction 60 Units Koreatown 314 S Alexandria Ave 60 Unit Apartment Building $8,375,000 ($139,583/Unit) 6.73% Cap Rate Los Angeles, CA 90020
INVESTMENT HIGHLIGHTS
- PRICE REDUCED TO 8.8 GRM AND 6% CAP RATE. SUBMIT ALL OFFERS AND PROPERTY TOURS AVAILABLE.
- Opportunity to Generate Additional Value through Completing Renovation of Lightly Upgraded Units and Adding Additional Amenities in the Back/Side Yard
- Strong Multifamily Submarket Fundamentals with 6.3% Annual Rent Growth Since 2014
- Well-Maintained Asset Featuring Classic Finishes and Value-Add Potential
- High-Earning Resident Base with Average Household Income of over $72,000 and an Average Home Value of More Than $1,000,000
- Walk to Wilshire/Vermont Metro Station with Access to Two Separate Metro Light-Rail Lines Offering Convenience to Downtown LA and Hollywood
EXECUTIVE SUMMARY
MASSIVE $4,175,000 PRICE REDUCTION TO 6.73% CAP RATE AND 8.35 GRM. SUBMIT ALL OFFERS AND PROPERTY TOURS AVAILABLE.
The Offering: We are pleased to present The Alexandria Tower Apartments, a classic, 1920s built Beaux Art style apartment building designed by renowned architect William Allen located within the heart of the Koreatown community of Los Angeles. The Property offers over-sized studio and one-bedroom apartments that feature charming detail as well as eat-in kitchens. glass French doors, wood-style flooring, and ceiling fans in living areas and dining areas. Many units have been considerably upgraded with new granite countertops, new cabinets, and new appliances. Additionally, ownership has installed electric submeters for all but 18 units. The units with submeters also include A/C units. Residents enjoy numerous amenities that include a newly designed, beautiful large lobby, intercom-controlled entrance, landscaped backyard common area, laundry facilities, and extra storage closets. Some of the area’s most popular hotspots are within walking distance. Trendy eateries nearby include Ocha Classic Restaurant, Texis Restaurant, Okrumong, and Etude Lounge. Both Vons and Ralphs are less than one-half mile away. Finally, the popular 35-acre Shatto Recreation Center is only a few blocks away where visitors participate in basketball, soccer, tennis, volleyball, fitness, and much more. Please note that the property is not a concrete structure and does not require Non-Ductile Concrete structural retrofitting.
The Offering: We are pleased to present The Alexandria Tower Apartments, a classic, 1920s built Beaux Art style apartment building designed by renowned architect William Allen located within the heart of the Koreatown community of Los Angeles. The Property offers over-sized studio and one-bedroom apartments that feature charming detail as well as eat-in kitchens. glass French doors, wood-style flooring, and ceiling fans in living areas and dining areas. Many units have been considerably upgraded with new granite countertops, new cabinets, and new appliances. Additionally, ownership has installed electric submeters for all but 18 units. The units with submeters also include A/C units. Residents enjoy numerous amenities that include a newly designed, beautiful large lobby, intercom-controlled entrance, landscaped backyard common area, laundry facilities, and extra storage closets. Some of the area’s most popular hotspots are within walking distance. Trendy eateries nearby include Ocha Classic Restaurant, Texis Restaurant, Okrumong, and Etude Lounge. Both Vons and Ralphs are less than one-half mile away. Finally, the popular 35-acre Shatto Recreation Center is only a few blocks away where visitors participate in basketball, soccer, tennis, volleyball, fitness, and much more. Please note that the property is not a concrete structure and does not require Non-Ductile Concrete structural retrofitting.
FINANCIAL SUMMARY (PRO FORMA - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $8,375,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $139,583 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 6.73% | Building Size | 38,651 SF |
| Gross Rent Multiplier | 8.35 | Average Occupancy | 73% |
| No. Units | 60 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | ||
| Zoning | LAR4 - Multiple Dwelling Zone | ||
| Price | $8,375,000 |
| Price Per Unit | $139,583 |
| Sale Type | Investment |
| Cap Rate | 6.73% |
| Gross Rent Multiplier | 8.35 |
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 38,651 SF |
| Average Occupancy | 73% |
| No. Stories | 6 |
| Year Built | 1926 |
| Zoning | LAR4 - Multiple Dwelling Zone |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Tub/Shower
- Views
SITE AMENITIES
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Gated
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 50 | $1,395 | 550 |
| 1+1 | 10 | $1,695 | 600 |
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Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (78)
PROPERTY TAXES
| Parcel Number | 5502-004-006 | Total Assessment | $11,547,825 (2025) |
| Land Assessment | $8,124,100 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $3,423,725 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5502-004-006
Land Assessment
$8,124,100 (2025)
Improvements Assessment
$3,423,725 (2025)
Total Assessment
$11,547,825 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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$4.175 Mil Price Reduction 60 Units Koreatown | 314 S Alexandria Ave
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