128 Alvarado St Los Angeles, CA 90026

Property Details for 128 Alvarado St

Year built

1918

Property size

3,080 SF

Property type

Commercial real estate

APN

5157-021-012

Description

This four-unit apartment building, located at 128 North Alvarado Street in Los Angeles, CA 90026, presents a compelling investment opportunity. The property, built in 1918, comprises two buildings on a 4,601 square foot lot and features a mix of unit sizes: one studio, one one-bedroom/one-bath, one two-bedroom/one-bath, and one three-bedroom/two-bath. Total square footage is 3,080 net rentable square feet. Recent capital improvements totaling nearly $80,000 have been made over the past 18 months, including HVAC, plumbing, and electrical upgrades in select units, new dual-pane windows, a new furnace, and new kitchen cabinets. The property also includes four gated parking spaces. Situated in a desirable location bordering Echo Park and Koreatown, just ten minutes from Downtown Los Angeles, this property benefits from a high walk score of 86. The current NOI is $52,908, with a pro-forma NOI of $81,461, representing a 5.14% cap rate and a pro-forma cap rate of 7.91%. The asking price is $1,030,000, or $257,500 per unit, and $334.42 per square foot. The property is zoned LAR4. This property offers significant value-add potential due to its location and rental upside.