$3,200,000

213 S Alexandria Avenue, Los Angeles, CA 90004

7,263

Lot Size

10

# Of Units

Listing Agent
Bijan Raphael - Real Estate eBroker Inc.

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.

Facts & Features

MLS® # 22117551
Price $3,200,000
Bathrooms 0.00
Lot Size 7,263
Year Built 1958
Type Residential Income
Status Active
# Of Units 10

Community Information

Address 213 S Alexandria Avenue
Area C17 - Mid-Wilshire
City Los Angeles
County Los Angeles
State CA
Zip Code 90004

Amenities

Parking Spaces 10
Parking Assigned, Garage, Community Structure, Tandem, Uncovered
# of Garages 10
Garages Assigned, Garage, Community Structure, Tandem, Uncovered
View City Lights
Is Waterfront No
Has Pool No
Pool None

Interior

Interior Carpet, Wood
Interior Features Ceiling Fan(s)
Appliances Dishwasher, Disposal, Microwave, Refrigerator
Cooling Electric
Has Basement No
Fireplace No
# of Stories 2
Stories One

Additional Information

Date Listed January 11th, 2022
Days on Market 8
Zoning LAR4
Foreclosure No
Short Sale No
RE / Bank Owned No
HOA Fees 0.00

Listing Details

AgentBijan Raphael
OfficeReal Estate eBroker Inc.

Listing Map

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