A rare 24-unit value-add opportunity at 1136 S Alvarado St that will be delivered 100% vacant; the property, is located on the main thoroughfare between W 11th St & W Pico Blvd in the center of the Pico Union, Westlake, and Koreatown neighborhoods. The subject property consists of a desirable unit mix of 18 studios (approximately 400 SF) and six one-bedrooms (approximately 600 SF), and the building is individually metered for gas and electric. The property is being offered in as-is condition; this is an opportunity for a buyer to begin interior renovations immediately at the close of escrow with no tenant relocation required. At the asking price, the property is being offered for a low price per SF of $273. An investor has the potential to achieve a CAP rate of 6.26%-6.92% when projected rents are captured. Additionally, there is potential to add six ADU's to further increase the rental income (buyer to verify).1136 Alvarado St is located one mile from the Crypto.com Arena and Los Angeles Convention Center. The neighborhood boasts a high walk score of 93 with retail amenities on W Pico Blvd & S Hoover St; walking distance to numerous Metro rail and bus line stops make this an attractive central for moving around the via public transit or by car with quick access to the 110 and 10 Freeways. The subject property is in the middle of high-growth neighborhoods (Pico Union, Westlake, and Koreatown) where the rental market continues to thrive. The property can be sold with the adjacent lot (APN: 5136-019-023) totaling 9,381 SF zoned C2-1-HPOZin a Tier 2 TOC.

Listed By CRMLS_CA / Neema Ahadian / Marcus & Millichap

Last checked: Checking… • Last updated Aug 31, 2023 • Source: CRMLS_CA

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