New FOR SALE
$5,250,000

721 729 S Alvarado Street
Los Angeles, CA 90057

Other
Residence
13,201
Sqft
0.27
Lot Size
1of
Photos
Map
Courtesy: Logan Altman CalDRE: 01965826 - Altman Apartments LLC
721-729 S Alvarado Street is a mixed-use multi-family residential with neighborhood retail investment opportunity located in the Westlake neighborhood of Los Angeles across the street from the MacArthur Park Metro Station and steps from MacArthur Park. This is an opportunity to acquire 24 residential units and 11 commercial units on an 11,733.5 square foot lot zoned C2-2 in a verified Transit Oriented Communities (TOC) Zone 4. The cap rate on current income is 6.05% (7.92% at market), the GRM is 10.41 (8.58 at market), and the purchase price is only $150,000 per unit in a rapidly urbanizing neighborhood of Los Angeles only minutes from major employment and entertainment hubs like Koreatown, DTLA, and USC. This high cash flow urban infill opportunity will flourish under new ownership!The current improvements consist of two buildings on one lot: 1) A 3-story wood frame & stucco residential structure attached to a 1-story street facing commercial structure2) A 1-bedroom dwelling unit with two (2) attached ~ 10’ x 20’ storage units in the rear parking lot area of the property. The property has undergone substantial renovations and capital improvements under the current ownership including the addition of new kitchens to 23 units and turnover + renovation of 15 out of the 24 residential units. Other recent improvements include a partial plumbing re-pipe, all new gas lines, new roof, boiler, gates, and a new video camera surveillance system. There is substantial upside left to be gained if a new owner decides to upgrade residential units with modern finishes and kitchens. Commercial tenancies are also under market for the constantly busy Alvarado "Swap Meet" pedestrian mall surrounding MacArthur Park Metro Station. A new owner can have an immediate impact by leasing 4 residential and 2 retail units at the property. The property contains 20 units subject to the Residential Hotel Ordinance and all 24 residential units are subject to the city of Los Angeles Rent Stabilization Ordinance (LA rent control). By utilizing the TOC Tier 4 density bonus, the property may later be redeveloped into a 56 unit multi-residential over retail with a zero-parking requirement due to its proximity to public transportation. The option may also exist to keep the existing main building and add up to 33 units in the rear parking lot area to maximize the density of the lot.
SR21203515
Other
Los Angeles
1923
0.27 Acres
Public
Frame,Stucco
Public Sewer
Loading...
Data Provided by Onboard
Walk Score measures the walkability of any address, Transit Score measures access to public transit on a scale of 1-100.

Walk Score

Transit Score