Desirable Koreatown Location | 54 Units | 130 N Alexandria Ave
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Desirable Koreatown Location | 54 Units 130 N Alexandria Ave
54 Unit Apartment Building $11,380,000 ($210,741/Unit) 5.01% Cap Rate Los Angeles, CA 90004
INVESTMENT HIGHLIGHTS
- Strong Koreatown Location; Walk Score of 87
- ±36,012 SF Building Size on ±24,008 SF Double Lot
- Well-Amenitized with Controlled Access, Elevator, Two On-Site Laundry Facilities, and Select Units have a Balcony
- All One-Bedroom/One-Bathroom Units
- True Value-Add Opportunity with Current Rent 49% Under Market
- 57 Gated Subterranean Parking with Dual Access Gates
EXECUTIVE SUMMARY
Constructed in 1971 on a ±24,008 square foot LAR3 double lot, The Orleans is a three-story, 54-unit multifamily property with a total building area of ±36,012 square feet. The controlled-access property with intercom entry offers an elevator, two on-site laundry facilities, and 57 gated subterranean parking. The property is separately metered for electricity, the units are not serviced by gas and there is a central water heater.
Since 2020, nearly 1/3 of the units have turned over naturally without any relocation assistance.
The Orleans boasts all one-bedroom/one-bathroom units, and offer laminate wood flooring, electric stoves, dishwashers, radiant heat, and wall units for cooling. Select units offer a private balcony.
PLEASE DO NOT WALK THE PROPERTY OR DISTURB RESIDENTS
Since 2020, nearly 1/3 of the units have turned over naturally without any relocation assistance.
The Orleans boasts all one-bedroom/one-bathroom units, and offer laminate wood flooring, electric stoves, dishwashers, radiant heat, and wall units for cooling. Select units offer a private balcony.
PLEASE DO NOT WALK THE PROPERTY OR DISTURB RESIDENTS
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$954,134
|
$26.49
|
| Other Income |
$8,000
|
$0.22
|
| Vacancy Loss |
$28,864
|
$0.80
|
| Effective Gross Income |
$933,270
|
$25.92
|
| Taxes |
$141,094
|
$3.92
|
| Operating Expenses |
$222,179
|
$6.17
|
| Total Expenses |
$363,273
|
$10.09
|
| Net Operating Income |
$569,997
|
$15.83
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $954,134 |
| Annual Per SF | $26.49 |
| Other Income | |
|---|---|
| Annual | $8,000 |
| Annual Per SF | $0.22 |
| Vacancy Loss | |
|---|---|
| Annual | $28,864 |
| Annual Per SF | $0.80 |
| Effective Gross Income | |
|---|---|
| Annual | $933,270 |
| Annual Per SF | $25.92 |
| Taxes | |
|---|---|
| Annual | $141,094 |
| Annual Per SF | $3.92 |
| Operating Expenses | |
|---|---|
| Annual | $222,179 |
| Annual Per SF | $6.17 |
| Total Expenses | |
|---|---|
| Annual | $363,273 |
| Annual Per SF | $10.09 |
| Net Operating Income | |
|---|---|
| Annual | $569,997 |
| Annual Per SF | $15.83 |
PROPERTY FACTS
| Price | $11,380,000 | Building Class | C |
| Price Per Unit | $210,741 | Lot Size | 0.55 AC |
| Sale Type | Investment | Building Size | 36,012 SF |
| Cap Rate | 5.01% | Average Occupancy | 96% |
| Gross Rent Multiplier | 11.93 | No. Stories | 3 |
| No. Units | 54 | Year Built | 1971 |
| Property Type | Multifamily | Parking Ratio | 0.83/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $11,380,000 |
| Price Per Unit | $210,741 |
| Sale Type | Investment |
| Cap Rate | 5.01% |
| Gross Rent Multiplier | 11.93 |
| No. Units | 54 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.55 AC |
| Building Size | 36,012 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built | 1971 |
| Parking Ratio | 0.83/1,000 SF |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Heating
- Vinyl Flooring
SITE AMENITIES
- Controlled Access
- Laundry Facilities
- Gated
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 54 | $1,604 | 625 |
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Walk Score®
Very Walkable (87)
Transit Score®
Excellent Transit (71)
PROPERTY TAXES
| Parcel Number | 5518-012-036 | Total Assessment | $6,742,778 |
| Land Assessment | $2,690,669 | Annual Taxes | $141,094 ($3.92/SF) |
| Improvements Assessment | $4,052,109 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5518-012-036
Land Assessment
$2,690,669
Improvements Assessment
$4,052,109
Total Assessment
$6,742,778
Annual Taxes
$141,094 ($3.92/SF)
Tax Year
2024
ZONING
| Zoning Code | R3 (*Buyer to Verify Zoning & Density) |
| R3 (*Buyer to Verify Zoning & Density) |
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Desirable Koreatown Location | 54 Units | 130 N Alexandria Ave
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