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512 N Alexandria Ave 16 Unit Apartment Building $2,600,000 ($162,500/Unit) 7.20% Cap Rate Los Angeles, CA 90004
Investment Highlights
- 16 Units | Value Opportunity | Pride of Ownership | ADU Potentiality
- Situated in a quiet East Hollywood Neighborhood | Street Parking
- Garden, Solar Panels, Master-Metered Utilities, Storage Space and Onsite Laundry with a Cancellable Contract = Immediate Upside
- Current 7.8 GRM and 7.2% Cap Rate
- Twelve (12) One Bed & Four (4) Singles | Large Units w/ Eat-In Kitchens, Decorative Molding, High Ceilings
- New Dual-Pane Windows on Three Elevations. Preservation of the French Windows on the Front Facade Ensures Premium Curb Appeal
Executive Summary
ONE-OF-A-KIND ASSET
Built in 1929, 512 N Alexandria Avenue is a unique and special investment opportunity on a great street in East Hollywood near Koreatown.
TASTEFUL DESIGN AND COMMON AREAS
Investors and tenants alike will note the striking and welcoming 1920s design and aesthetic throughout. The units are large and feature
multiple original details, including high ceilings, arched passageways, and built-in shelving.
MASTER METERED FOR UTILITIES
512 N Alexandria Avenue is master metered. Potentiality exists to create new revenue streams with the implementation of a RUBs system.
WELL-LOCATED
Located in East Hollywood, 512 N Alexandria Avenue is a short distance from the City's primary employers in Koreatown, Downtown Los Angeles, and
Hollywood, and has world-class access to public transportation.
BEAUTIFUL ORIGINAL UNITS
512 N Alexandria Avenue consists of 16 attractive units, including fourteen (14) One Bedroom / One Bath units and four (4) Studio apartments.
VALUE-ADD OPPORTUNITY
Investors may be able to further increase income through unit upgrades when units turn over, as well as the potential for ADUs in two different
lower-level spaces.
ONSITE AMENITIES
Building amenities include secure property access, outdoor patio gathering area, twelve walk-in storage units in the basement, and on-site washers and dryers (lease is cancellable).
GREAT WALKABILITY
512 Alexandria Avenue has a Walk Score of 85 out of 100. This location is Very Walkable, so most errands can be accomplished on foot. 512 Alexandria
Avenue is a 10-minute walk from the Metro B Line (Red) at the Vermont / Beverly Station.
Built in 1929, 512 N Alexandria Avenue is a unique and special investment opportunity on a great street in East Hollywood near Koreatown.
TASTEFUL DESIGN AND COMMON AREAS
Investors and tenants alike will note the striking and welcoming 1920s design and aesthetic throughout. The units are large and feature
multiple original details, including high ceilings, arched passageways, and built-in shelving.
MASTER METERED FOR UTILITIES
512 N Alexandria Avenue is master metered. Potentiality exists to create new revenue streams with the implementation of a RUBs system.
WELL-LOCATED
Located in East Hollywood, 512 N Alexandria Avenue is a short distance from the City's primary employers in Koreatown, Downtown Los Angeles, and
Hollywood, and has world-class access to public transportation.
BEAUTIFUL ORIGINAL UNITS
512 N Alexandria Avenue consists of 16 attractive units, including fourteen (14) One Bedroom / One Bath units and four (4) Studio apartments.
VALUE-ADD OPPORTUNITY
Investors may be able to further increase income through unit upgrades when units turn over, as well as the potential for ADUs in two different
lower-level spaces.
ONSITE AMENITIES
Building amenities include secure property access, outdoor patio gathering area, twelve walk-in storage units in the basement, and on-site washers and dryers (lease is cancellable).
GREAT WALKABILITY
512 Alexandria Avenue has a Walk Score of 85 out of 100. This location is Very Walkable, so most errands can be accomplished on foot. 512 Alexandria
Avenue is a 10-minute walk from the Metro B Line (Red) at the Vermont / Beverly Station.
Property Facts
| Price | $2,600,000 | Apartment Style | Low-Rise |
| Price Per Unit | $162,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 7.20% | Building Size | 11,184 SF |
| Gross Rent Multiplier | 7.8 | Average Occupancy | 93% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1929 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R3-1 - Restricted Density Multiple Dwelling Zone | ||
| Price | $2,600,000 |
| Price Per Unit | $162,500 |
| Sale Type | Investment |
| Cap Rate | 7.20% |
| Gross Rent Multiplier | 7.8 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 11,184 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built | 1929 |
| Opportunity Zone |
Yes |
| Zoning | R3-1 - Restricted Density Multiple Dwelling Zone |
Amenities
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | 450 |
| 1+1 | 12 | - | 700 |
1 1
Very walkable
80/100
Moderately drivable
70/100
Good public transit
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 5520-009-025 | Improvements Assessment | $656,753 |
| Land Assessment | $1,444,863 | Total Assessment | $2,101,616 |
Property Taxes
Parcel Number
5520-009-025
Land Assessment
$1,444,863
Improvements Assessment
$656,753
Total Assessment
$2,101,616
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512 N Alexandria Ave
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