Price Reduction - Views
Address
725 S Alvarado Street Los Angeles, CA
Price
$ 5,750,000
Property Attributes
  • MLS#SR21046053
  • TypeIncome
  • CountyLOS ANGELES
  • CityLos Angeles
  • AreaDowntown L.A.
  • Zip90057
  • Style
  • Price$ 5,750,000
  • Bedrooms35
  • Full Bathrooms35
  • Half Bathrooms0
  • Lot Size11,761 SqFt
Listing Provided Courtesy Of:
Logan Altman with Altman Apartments LLC
Data Source:
Crisnet
Property Description

**REDUCED $250,000** Altman Apartments LLC is exclusively offering for sale 721-729 S Alvarado Street, 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. The offering represents an opportunity to acquire 24 residential units and 11 commercial units on an 11,733.5 square foot lot zoned C2-2 in a Transit Oriented Communities (TOC) Zone 4. The current improvements consist of a 3-story wood frame & stucco residential structure attached to a 1-story street facing commercial structure. There is also a dwelling unit with two attached storage units in the rear of the property. This property offers a cap rate on current income of 4.93% (6.66% pro-forma) and GRM of 12.41 (10.05 pro-forma) with a purchase price of only $164,000 per unit in a rapidly urbanizing neighborhood of Los Angeles within minutes of major employment hubs and Universities as well as Downtown LA. The property has undergone substantial renovations and capital improvements under the current ownership including the turnover and partial renovation of 15 out of the 24 units. The property contains 20 units subject to the Residential Hotel Ordinance and all residential units are subject to the city of Los Angeles Rent Stabilization Ordinance (rent control).

Price History
3/5/2021 Listed $6,000,000
3/26/2021 5% - $5,750,000

General Features

Community Features Sidewalks, Urban, Gated, Park
Construction Materials Frame, Stucco
Levels Three Or More
MLS Area C42 - Downtown L.A.
Parking Features Assigned, Paved, Private
Pool Features None
Property Type Residential Income
Roof Flat
Security Features Closed Circuit Camera(s), Carbon Monoxide Detector(s), Fire Detection System, Fire Sprinkler System, Security Gate, Gated Community, Key Card Entry, Smoke Detector(s)
Sewer Public Sewer
Terms Cash, Cash to Existing Loan, Cash to New Loan, Conventional, 1031 Exchange, Submit
Total Units 35
View Park/Greenbelt
Water Sewer Expense 26000
Zoning LAC2

Interior Features

Common Walls No Common Walls
Laundry Features None

Exterior Features

Lot Features Near Park, Over 40 Units/Acre, Near Public Transit, Sprinkler System, Value In Land
Lot Size Acres 0.27
Lot Size Area 11734
Lot Size Source Assessor
Lot Size Square Feet 11734
Lot Size Units Square Feet
Number of Buildings 2
Number of Separate Electric Meters 5
Number of Separate Gas Meters 5
Number of Separate Water Meters 3
Road Frontage Type Alley, City Street
View Y/N Yes
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 90057

Price
AVG $4.01M
$5.75M
Visits
AVG 35
29
Year Built
AVG 1943
1923
Walkscore
AVG 91
92
Data Provided by Walkscore ® not using MLS data

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