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
Visits
Year Built
Walkscore
Based on information from CRISNet MLS as of April 11, 2021 5:35 AM UTC
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.
