314 Alexandria Ave, Los Angeles, CA 90020
60 Unit Apartment Building | $9,000,000 ($150,000/Unit) | 6% Cap Rate | Los Angeles, CA 90020
For Sale
Active
11 pictures
Asking Price $9,000,000
- Property Type
-
Multifamily
- Square Feet
- 38,651 SF
Listing Contacts
Brent Sprenkle
Property Overview
MASSIVE PRICE REDUCTION TO 6% CAP RATE AND 8.8 GRM. SUBMIT ALL OFFERS AND PROPERTY TOURS AVAILABLE.
The Offering: We are pleased to present The Alexandria Tower Apartments, a classic, 1920s built Beaux Art style apartment building designed by renowned architect William Allen located within the heart of the Koreatown community of Los Angeles. The Property offers over-sized studio and one-bedroom apartments that feature charming detail as well as eat-in kitchens. glass French doors, wood-style flooring, and ceiling fans in living areas and dining areas. Many units have been considerably upgraded with new granite countertops, new cabinets, and new appliances. Additionally, ownership has installed electric submeters for all but 18 units. The units with submeters also include A/C units. Residents enjoy numerous amenities that include a newly designed, beautiful large lobby, intercom-controlled entrance, landscaped backyard common area, laundry facilities, and extra storage closets. Some of the area’s most popular hotspots are within walking distance. Trendy eateries nearby include Ocha Classic Restaurant, Texis Restaurant, Okrumong, and Etude Lounge. Both Vons and Ralphs are less than one-half mile away. Finally, the popular 35-acre Shatto Recreation Center is only a few blocks away where visitors participate in basketball, soccer, tennis, volleyball, fitness, and much more. Please note that the property is not a concrete structure and does not require Non-Ductile Concrete structural retrofitting.
The Offering: We are pleased to present The Alexandria Tower Apartments, a classic, 1920s built Beaux Art style apartment building designed by renowned architect William Allen located within the heart of the Koreatown community of Los Angeles. The Property offers over-sized studio and one-bedroom apartments that feature charming detail as well as eat-in kitchens. glass French doors, wood-style flooring, and ceiling fans in living areas and dining areas. Many units have been considerably upgraded with new granite countertops, new cabinets, and new appliances. Additionally, ownership has installed electric submeters for all but 18 units. The units with submeters also include A/C units. Residents enjoy numerous amenities that include a newly designed, beautiful large lobby, intercom-controlled entrance, landscaped backyard common area, laundry facilities, and extra storage closets. Some of the area’s most popular hotspots are within walking distance. Trendy eateries nearby include Ocha Classic Restaurant, Texis Restaurant, Okrumong, and Etude Lounge. Both Vons and Ralphs are less than one-half mile away. Finally, the popular 35-acre Shatto Recreation Center is only a few blocks away where visitors participate in basketball, soccer, tennis, volleyball, fitness, and much more. Please note that the property is not a concrete structure and does not require Non-Ductile Concrete structural retrofitting.
Property Details
- Class
- C
- Year Built
- 1926
- Stories
- 6
- Lot Size (sq. ft)
- 12,632 SF
- Units
- 60
Highlights
- PRICE REDUCED TO 8.8 GRM AND 6% CAP RATE. SUBMIT ALL OFFERS AND PROPERTY TOURS AVAILABLE.
- Well-Maintained Asset Featuring Classic Finishes and Value-Add Potential
- Opportunity to Generate Additional Value through Completing Renovation of Lightly Upgraded Units and Adding Additional Amenities in the Back/Side Yard
- High-Earning Resident Base with Average Household Income of over $72,000 and an Average Home Value of More Than $1,000,000
- Strong Multifamily Submarket Fundamentals with 6.3% Annual Rent Growth Since 2014
- Walk to Wilshire/Vermont Metro Station with Access to Two Separate Metro Light-Rail Lines Offering Convenience to Downtown LA and Hollywood
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