213 S ALEXANDRIA AVE

LOS ANGELES, CA, 90004

$3,200,000

$438 per ft²
$3,200,000
$438 per ft²
Active
Active
 - For Sale
beds
10 Beds
baths
10 Baths
carpenters-square
7,305 ft²
property_type
Multi-family
calendar
Built 1958
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.
MLS® ID:
22-117551
Updated:
8/17/22

Interior Features

Total Bedrooms
10
Total Bathrooms
10
Floor Description
Wood, Carpet
Cooling
Electric
Heating
Wall Gas

Exterior/Building Features

Lot Size
7,263 ft² lot
Architectural Style
Architectural
Sewer
In Street

School Information

School District
Los Angeles Unified

Other Property Details

Taxes
$38976
Tax Frequency
per YEAR
Garage
Yes
Garage Spaces
10
Parking
Assigned, Attached, Community Garage, Tandem, Uncovered
Parking Total
10.0
View
Y
County
Los Angeles
Pool
No
Pool Description
None
Total Stories
2
Zoning
LAR4

Property History

Date
Event
Price
Value
1/27/22
Active
-
-
1/21/22
Pending
-
-
Contact