1860 Alexandria Ave Los Angeles, CA 90027-4036

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.