A 4 Unit Apartment Community Near Echo Park | 128 N Alvarado St
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A 4 Unit Apartment Community Near Echo Park 128 N Alvarado St
4 Unit Apartment Building $1,459,994 CAD ($364,999 CAD/Unit) 5.14% Cap Rate Los Angeles, CA 90026
Investment Highlights
- Nearly $80K Invested in the Property. Select Units Updated with HVAC, Plumbing, Electrical, Dual-Pane Windows, Furnace, and Kitchen Cabinets
- Four Parking Spaces (Two Tandem) with Gated Entry from the Back of the Subject Property Between Alvarado Street and Mountain View Avenue
- Affordable Rents Compared to the Neighboring Submarkets of Echo Park, Silverlake and Koreatown
- 33 Percent Remaining Rental Upside Through Unit Renovations
- The Property Borders Echo Park, Silverlake, and Koreatown, just 10 Minutes from Downtown LA. With a Walk Score of 86, Most Errands are Walkable
Executive Summary
DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT LISTING TEAM FOR DETAILS.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 128 North Alvarado Street, a four-unit apartment community in the center of some of the most desired neighborhoods in Los Angeles. The property borders the densely populated neighborhoods of Echo Park and Koreatown and is only ten minutes from Downtown Los Angeles. The property’s infill location and rental upside offers an investor immediate value-add potential.
Situated on a 4,601 square foot parcel, the property features a well balanced unit-mix, consisting of – one studio, one, one-bedroom/one-bath, one two-bedroom/one-bath, and one three-bedroom/two-bath. There have been a number of recent upgrades to select units including updated HVAC, plumbing, & electrical upgrades as well as a new furnace, new dual pane windows, and new kitchen cabinets. Current ownership has invested nearly $80,000 into capital improvements over the last 18 months. The two-story building also features four parking spaces with gated entry.
The subject property’s location has demonstrated meaningful appreciation in both the single family home market and the rental market as Angelenos continue to move into the region and find a shortage of housing options. With a slim development pipeline in the immediate vicinity, this supply/demand balance should promote strong rent growth over the long term.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 128 North Alvarado Street, a four-unit apartment community in the center of some of the most desired neighborhoods in Los Angeles. The property borders the densely populated neighborhoods of Echo Park and Koreatown and is only ten minutes from Downtown Los Angeles. The property’s infill location and rental upside offers an investor immediate value-add potential.
Situated on a 4,601 square foot parcel, the property features a well balanced unit-mix, consisting of – one studio, one, one-bedroom/one-bath, one two-bedroom/one-bath, and one three-bedroom/two-bath. There have been a number of recent upgrades to select units including updated HVAC, plumbing, & electrical upgrades as well as a new furnace, new dual pane windows, and new kitchen cabinets. Current ownership has invested nearly $80,000 into capital improvements over the last 18 months. The two-story building also features four parking spaces with gated entry.
The subject property’s location has demonstrated meaningful appreciation in both the single family home market and the rental market as Angelenos continue to move into the region and find a shortage of housing options. With a slim development pipeline in the immediate vicinity, this supply/demand balance should promote strong rent growth over the long term.
Property Facts
| Price | $1,459,994 CAD | Apartment Style | Low Rise |
| Price Per Unit | $364,999 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.11 AC |
| Cap Rate | 5.14% | Building Size | 3,080 SF |
| Gross Rent Multiplier | 12.87 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1918 |
| Property Subtype | Apartment | Parking Ratio | 1.3/1,000 SF |
| Price | $1,459,994 CAD |
| Price Per Unit | $364,999 CAD |
| Sale Type | Investment |
| Cap Rate | 5.14% |
| Gross Rent Multiplier | 12.87 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 3,080 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1918 |
| Parking Ratio | 1.3/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 380 |
| 1+1 | 1 | - | 399 |
| 2+1 | 1 | - | 654 |
| 3+2 | 1 | - | 1,108 |
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Walk Score ®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $367,523 CAD | |
| Land Assessment | $1,280,610 CAD | Total Assessment | $1,648,133 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,280,610 CAD
Improvements Assessment
$367,523 CAD
Total Assessment
$1,648,133 CAD
zoning
| Zoning Code | LAR4 |
| LAR4 |
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A 4 Unit Apartment Community Near Echo Park | 128 N Alvarado St
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