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    721 S Alvarado Street

    Los Angeles, CA 90057
    • $5,250,000
    • STATUS: Active
    • ON SITE: 37 Days
    • ID#: SR21203515
    UPDATED: 43 min ago
    $5,250,000
    • 0
      BEDS
    • 0.27
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 13,201
      SQFT
    • $398
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1923
    County:

    School Ratings & Info

    Description

    721-729 S Alvarado Street is 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. This is an opportunity to acquire 24 residential units and 11 commercial units on an 11,733.5 square foot lot zoned C2-2 in a verified Transit Oriented Communities (TOC) Zone 4. The cap rate on current income is 6.05% (7.92% at market), the GRM is 10.41 (8.58 at market), and the purchase price is only $150,000 per unit in a rapidly urbanizing neighborhood of Los Angeles only minutes from major employment and entertainment hubs like Koreatown, DTLA, and USC. This high cash flow urban infill opportunity will flourish under new ownership!The current improvements consist of two buildings on one lot: 1) A 3-story wood frame & stucco residential structure attached to a 1-story street facing commercial structure2) A 1-bedroom dwelling unit with two (2) attached ~ 10 x 20 storage units in the rear parking lot area of the property. The property has undergone substantial renovations and capital improvements under the current ownership including the addition of new kitchens to 23 units and turnover + renovation of 15 out of the 24 residential units. Other recent improvements include a partial plumbing re-pipe, all new gas lines, new roof, boiler, gates, and a new video camera surveillance system. There is substantial upside left to be gained if a new owner decides to upgrade residential units with modern finishes and kitchens. Commercial tenancies are also under market for the constantly busy Alvarado "Swap Meet" pedestrian mall surrounding MacArthur Park Metro Station. A new owner can have an immediate impact by leasing 4 residential and 2 retail units at the property. The property contains 20 units subject to the Residential Hotel Ordinance and all 24 residential units are subject to the city of Los Angeles Rent Stabilization Ordinance (LA rent control). By utilizing the TOC Tier 4 density bonus, the property may later be redeveloped into a 56 unit multi-residential over retail with a zero-parking requirement due to its proximity to public transportation. The option may also exist to keep the existing main building and add up to 33 units in the rear parking lot area to maximize the density of the lot.

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    Based on information from CRISNet MLS as of 2021-10-23T14:56:15.397. 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.

    The information being provided by the CSMAR MLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties the visitor may be interested in purchasing. The data contained herein is copyrighted by CSMAR or one of CSMAR's datashare partners, and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the CSMAR MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

    Based on information from the i-Tech MLS as of 2021-10-23T14:56:15.397. 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.
    www.searchhomesincalifornia.com/homes/121437660
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    721 S Alvarado Street Los Angeles, CA 90057

    • Price: $5,250,000
    • Status: Active
    • Updated: 43 min ago
    • ID#: SR21203515
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.27
    Acres
    13,201
    SQFT
    $398
    $/SQFT
    1923
    Built
    Neighborhood:
    C42 - Downtown L.A.
    County:
    Los Angeles
    Area:
    C42 - Downtown L.A.
    Property Description
    721-729 S Alvarado Street is 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. This is an opportunity to acquire 24 residential units and 11 commercial units on an 11,733.5 square foot lot zoned C2-2 in a verified Transit Oriented Communities (TOC) Zone 4. The cap rate on current income is 6.05% (7.92% at market), the GRM is 10.41 (8.58 at market), and the purchase price is only $150,000 per unit in a rapidly urbanizing neighborhood of Los Angeles only minutes from major employment and entertainment hubs like Koreatown, DTLA, and USC. This high cash flow urban infill opportunity will flourish under new ownership!The current improvements consist of two buildings on one lot: 1) A 3-story wood frame & stucco residential structure attached to a 1-story street facing commercial structure2) A 1-bedroom dwelling unit with two (2) attached ~ 10 x 20 storage units in the rear parking lot area of the property. The property has undergone substantial renovations and capital improvements under the current ownership including the addition of new kitchens to 23 units and turnover + renovation of 15 out of the 24 residential units. Other recent improvements include a partial plumbing re-pipe, all new gas lines, new roof, boiler, gates, and a new video camera surveillance system. There is substantial upside left to be gained if a new owner decides to upgrade residential units with modern finishes and kitchens. Commercial tenancies are also under market for the constantly busy Alvarado "Swap Meet" pedestrian mall surrounding MacArthur Park Metro Station. A new owner can have an immediate impact by leasing 4 residential and 2 retail units at the property. The property contains 20 units subject to the Residential Hotel Ordinance and all 24 residential units are subject to the city of Los Angeles Rent Stabilization Ordinance (LA rent control). By utilizing the TOC Tier 4 density bonus, the property may later be redeveloped into a 56 unit multi-residential over retail with a zero-parking requirement due to its proximity to public transportation. The option may also exist to keep the existing main building and add up to 33 units in the rear parking lot area to maximize the density of the lot.
    Exterior Features

    Carport Spaces 0.00 Construction Materials FrameStucco Fence YN Yes Fencing Wrought Iron Levels Three Or More Lot Features Level With StreetLot 10000-19999 SqftNear Public TransitOver 40 Units/AcrePark Nearby Lot Size Area 11734.0000 Other Structures Two On A Lot Parking Features AssignedAuto Driveway GateAsphalt Parking Total 10.00 Parking YN Yes Road Frontage Type AlleyCity Street Road Surface Type Alley PavedPaved Roof ElastomericRolled/Hot Mop Uncovered Spaces 10.00 View Park/Greenbelt View YN Yes

    Interior Features

    Appliances Gas Range Appliances YN Yes Common Walls No Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Fireplace Features None Fireplace YN No Flooring Wood Heating Radiant Heating YN Yes Interior Features Ceiling Fan(S)Granite Counters Laundry Features None Laundry YN No Window Features Bay Window(S)

    Property Features

    Additional Parcels YN No Association Fee 0.00 Association YN No Community Features ParkSidewalksStreet LightsUrban Electric Expense 18000.00 Fuel Expense 5000.00 Garage Income 12000.00 Gardener Expense 240.00 Gross Income 504227.00 Gross Multiplier 10.41 Gross Operating Income 484058.00 Gross Scheduled Income 504227.00 Insurance Expense 6000.00 Land Lease YN No Maintenance Expense 26250.00 Net Operating Income 317421.00 New Construction YN No New Taxes Expense 57049.00 Number Of Separate Electric Meters 5 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 2 Number Of Units Leased 31 Operating Expense 166636.00 Other Income Description Commercial Tenant Income Pest Control Expense 600.00 Pool Features None Pool Private YN No Professional Management Expense 24202.00 Property Attached YN No Rent Control YN Yes Security Features Automatic GateCarbon Monoxide Detector(S)Closed Circuit Camera(S)Fire Sprinkler SystemGated Community Senior Community YN No Sewer Public Sewer Spa Features None Spa YN No Special Listing Conditions Standard Tenant Pays Parking Fee Total Expenses 166636.00 Trash Expense 7200.00 Utilities Cable ConnectedElectricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Water Sewer Expense 18000.00 Water Source Public Zoning Lac2

    Listing provided courtesy of Logan Altman, CA DRE# 01965826, of Altman Apartments Llc.


    Based on information from CRISNet MLS as of 2021-10-23T14:56:15.397. 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.

    The information being provided by the CSMAR MLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties the visitor may be interested in purchasing. The data contained herein is copyrighted by CSMAR or one of CSMAR's datashare partners, and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the CSMAR MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

    Based on information from the i-Tech MLS as of 2021-10-23T14:56:15.397. 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.
     
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