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    1860 Alexandria Ave Los Angeles, CA 90027

    Sponsored
    For Sale
    $3,600,000

    16-unit multifamily, prime location

    Property size:
    9,920 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    397
    This exceptional 16-unit apartment building, situated on a 10,494 sq ft lot in the highly desirable Los Feliz neighborhood (90027), presents a compelling investment opportunity. Built in 1951, this two-story building boasts 9,920 square feet and features twelve one-bedroom/one-bathroom units and four studio/one-bathroom units. The units are well-maintained, many featuring original oak flooring, tiled kitchens and baths, and abundant storage. Twelve parking spaces are available, including six garages and six surface spaces. Recent capital improvements include a completed soft-story retrofit (2019), new handrails (2021), and new plumbing (2010). The property also includes a common laundry room and separate gas and electric meters for each unit, minimizing operating expenses. Currently operating at 94% occupancy, the property generates a NOI of $179,992, with a pro-forma NOI of $274,892 and a pro-forma cap rate of 7.64%. The asking price is $3,600,000 ($225,000 per unit and $362.90 per square foot). This property offers significant value-add potential through progressive management practices, cosmetic upgrades, and the implementation of RUBS utility billing. Its prime location near Hollywood Boulevard, Vermont Avenue, and Hillhurst Avenue, along with its proximity to numerous employment centers, entertainment venues, and cultural destinations, ensures strong rental demand and long-term appreciation. The property is zoned LARD1.5.

    Property Features for 1860 Alexandria Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    9,920 SF

    Building Details

    Year Built
    1951
    Buildings
    1
    Stories
    2
    Units
    16

    HighLights

    • 16‑unit multifamily property in the desirable Franklin Avenue Corridor, offering excellent rent growth and low vacancy rates.
    • Value‑add opportunity through unit upgrades and improved management.
    • Twelve one‑bedroom/one‑bathroom and four studio/one‑bathroom units, many with original hardwood floors and vintage features.
    • Corner location at Franklin & Alexandria Avenues, close to Hollywood Blvd, Vermont Ave, and Hillhurst Ave; Walk Score of 86.
    • Twelve parking spaces (six garages, six surface). Soft‑story retrofit completed in 2019.
    • Low operating expenses due to separately metered utilities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.2981666
    Latitude
    34.1051243

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    FAQs

    What type of property is this?
    Multifamily property - 16-unit multifamily, prime location
    Where is this multifamily property located?
    The property is located at 1860 Alexandria Ave Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $3,600,000.
    What are key features of this property?
    This property features: 16-unit multifamily property in the desirable Franklin Avenue Corridor, offering excellent rent growth and low vacancy rates.; Value-add opportunity through unit upgrades and improved management.; Twelve one-bedroom/one-bathroom and four studio/one-bathroom units, many with original hardwood floors and vintage features.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1860 Alexandria Ave Los Angeles, CA 90027
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