427 Alvarado St Los Angeles, CA 90057-2933

This 16-unit apartment building at 427 S Alvarado St, Los Angeles, CA 90057, presents a compelling value-add opportunity. The property, built in 1909 and encompassing 10,976 square feet, consists of fifteen one-bedroom/one-bathroom units and one studio. Currently generating a NOI of $108,275 and a 6.28% cap rate, pro forma projections indicate a significant increase to $270,000 NOI and a 13.53% cap rate with market rent adjustments and renovations. The asking price is $1,995,000, translating to $124,687.50 per unit and $181.76 per square foot. The property is zoned LAC2 and features a 7,841 square foot lot. Its prime location in the Westlake neighborhood offers proximity to Downtown LA, Echo Park, and Silver Lake, ensuring strong rental demand and low vacancy risk. The current rents are below market rates, providing substantial room for growth. This presents a chance to leverage the property's historical charm and strong location to increase profitability. The property's financial performance, combined with its location and value-add potential, makes it an attractive investment in a rapidly developing area of Los Angeles. The APN is 5154-031-016.