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213 S Alexandria Ave

Los Angeles, CA 90004
  • $3,200,000
  • STATUS: Active
  • ON SITE: 8 Days
  • ID#: 22-117551
UPDATED: 66 min ago
$3,200,000
  • 10
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 7,305
    SQFT
  • $438
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1958
County:
Area:

School Ratings & Info

School District:

Description

The 10-unit Alexandria Apartments multi-family asset located in bustling Korea-Town district in a quiet street with recently 7 out of 10 units are renovated magnificently: New kitchen cabinet, quartz countertop, stainless steel appliances, full-size gas stoves and refrigerators, Microwave, recessed lighting, new windows and synthetic hardwood floors. This property has 35% upside potential. Property's unit-mix consists of one 2-bed/1-bath, eight 1-bed/1-bath and one studio/1-bath. The Soft Story Retrofit is done. The property is separately metered for gas and electric utilities, keeping landlord's expenses low. There is a credit card operating laundry room on site for additional income. There are 5 tandem parking spaces for a total of 10-car uncovered garage. Brand new building hot water heater. Zoned LAR4 with a density bonus and Opportunity Zone. With its NOI at $137,434, this property boasts a CAP rate of 4.29% and GRM 15.82 times Gross. With 40% down payment and 60% LTV at 3.5% interest rate, there is a healthy $40,403 positive pre-tax cash flow. Combined with principal reduction, there is over $70,000 cash return for a cash-on-cash rate of 5.49%. To save on income taxes, the investor could potentially write off over $35,000 annual depreciation for 27 years based on the building assessed value of the new tax roll.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-20T07:42:19.183. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.brandiprattrealestate.com/homes/124624849
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213 S Alexandria Ave Los Angeles, CA 90004

  • Price: $3,200,000
  • Status: Active
  • On Site: 8 Days
  • Updated: 66 min ago
  • ID#: 22-117551
10
Beds
0
Baths
0
½ Baths
0.17
Acres
7,305
SQFT
$438
$/SQFT
1958
Built
Neighborhood:
Mid-Wilshire
County:
Los Angeles
Area:
Mid-Wilshire
School District:
Los Angeles Unified
Property Description
The 10-unit Alexandria Apartments multi-family asset located in bustling Korea-Town district in a quiet street with recently 7 out of 10 units are renovated magnificently: New kitchen cabinet, quartz countertop, stainless steel appliances, full-size gas stoves and refrigerators, Microwave, recessed lighting, new windows and synthetic hardwood floors. This property has 35% upside potential. Property's unit-mix consists of one 2-bed/1-bath, eight 1-bed/1-bath and one studio/1-bath. The Soft Story Retrofit is done. The property is separately metered for gas and electric utilities, keeping landlord's expenses low. There is a credit card operating laundry room on site for additional income. There are 5 tandem parking spaces for a total of 10-car uncovered garage. Brand new building hot water heater. Zoned LAR4 with a density bonus and Opportunity Zone. With its NOI at $137,434, this property boasts a CAP rate of 4.29% and GRM 15.82 times Gross. With 40% down payment and 60% LTV at 3.5% interest rate, there is a healthy $40,403 positive pre-tax cash flow. Combined with principal reduction, there is over $70,000 cash return for a cash-on-cash rate of 5.49%. To save on income taxes, the investor could potentially write off over $35,000 annual depreciation for 27 years based on the building assessed value of the new tax roll.
Exterior Features

Carport Spaces Total 0 Covered Parking 0 Cross Streets Beverly BlvdNormandie Ave And West 3rd Street Direction Faces East Entry Location Ground Level W/Steps Garage Structures Total 1 Levels One Lot Size Area 7263 Other Structures None Parking Garage AssignedAttachedCommunity GarageTandemUncovered Paved YN Yes Pool Description None Pool YN No Spa None Spa YN No Sprinklers None Style Architectural Tennis Court None Tennis YN No Total Parking 10 View Description Tree TopCity Lights View YN Yes Water Frontage None

Interior Features

Baths Total 10.00 Common Walls Attached Cooling Electric Equipment MicrowaveHood FanDishwasherBuilt-InsFreezerGarbage DisposalRefrigeratorRange/OvenCeiling Fan Flooring WoodCarpet Heating Wall Gas Water Heater Features Central Water HeaterGasHot Water CirculatorInstant Hot Water

Property Features

Alley YN No Assessed Total Value 2869422 Electric Expense 764.00 Entry Floor Number 1 Gardener Expense 2450.00 Gross Income 6196 Gross Operating Income 202444 Insurance Expense 5574.00 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 1 Like Units5 1 Like Units6 1 Maintenance Expense 4684.00 Net Operating Income 137433.00 Number Of Buildings 1 Number Of Units 10 Owner Pays GasWaterElectricityGardener Property Condition Updated/Remodeled Rent Control YN Yes Sale Type Standard Security Features Exterior Security LightsCarbon Monoxide Detector(S)Smoke DetectorGated Sewer In Street Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Tax Total 38976.00 Tenant Pays GasInsuranceCable TvElectricity Total Annual Expense 65011 Trash Expense 2907.00 Type Of Units Apartments Water Expense 6003.00 Water Heaters YN Yes Year Built Source Vendor Enhanced Zoning Lar4

Listing provided courtesy of Bijan Raphael DRE#01321985 of Real Estate Ebroker Inc..


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-01-20T07:42:19.183. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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2603 Camino Ramon, Suite 200
San Ramon CA, 94583