1860 Alexandria
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1860 Alexandria
16 Unit Apartment Building $3,600,000 ($225,000/Unit) 5% Cap Rate Los Angeles, CA 90027
Investment Highlights
- A 16-unit Multifamily Opportunity on the Highly Desirable Franklin Avenue Corridor, a premier rental area known for rent growth and low vacancy
- Most units feature original oak hardwood flooring, wood windows, front & rear egress, vintage tiled baths and kitchens, and numerous closets
- Each unit is separately metered for gas and electric utilities, thus keeping operating expenses low
- Great Unit Composition of Twelve (12) One-Bedroom | One-Bathroom AND Four (4) Single | One-Bathroom apartment homes
- Twelve (12) parking spaces consisting of six (6) garages and six (6) on-grade parking spaces. Soft-story retrofit work was completed in 2019
- There is a significant affordability gap to home ownership within the zip code of 90027. The median home price in the area is $2,280,250
Executive Summary
KW Commercial is pleased to present 1860 North Alexandria Avenue, Los Angeles, CA, which is being offered for sale for the first time in nearly 50 years. The offering is located within the Hollywood submarket, considered one of the country’s world-class employment centers, and offers access to an enormous and diverse set of employers.
This 16-unit garden-style apartment community is situated on the southeast corner of Franklin Avenue and Alexandria Avenue within the highly coveted Los Feliz zip code of 90027. The immediate area has historically provided investors with exceptional long-term capital appreciation and wealth preservation. 1860 North Alexandria Avenue, built in 1951, features an ideal unit composition of Twelve (12) One-Bedroom | One-Bathroom and Four (4) Single | One-Bathroom apartment homes surrounded by a quiet gated courtyard with mature landscaping. The oversized corner parcel measures 10,494 square feet.
Updated unit interiors feature original oak flooring, tiled baths and kitchens, wooden windows, refrigerator, stove, dishwasher, and abundant closets/storage. As units turn over, enhancements could be made to realize market rents.
The property demonstrates true pride of ownership, with multiple capital improvements made, specifically new plumbing, including replacing horizontal lines and risers, which were completed in 2010. The mandatory soft-story retrofit was completed in 2019, new handrails were installed on the staircases and walkways in 2021, and gas shut-off valves were installed in 2019.
Property attributes include 12 vehicle parking spaces (6 individual garages and six on-grade spaces), a common area laundry room, separate gas and electrical utilities, and one central hot-water tank.
1860 North Alexandria Avenue is centrally located in the 90027 / Los Feliz area—one of LA’s most stable and desirable neighborhoods. Furthermore, the subject property offers residents access to various entertainment venues, cultural destinations, and dining options within Los Feliz and neighboring Silver Lake, Hollywood, and DTLA.
This 16-unit garden-style apartment community is situated on the southeast corner of Franklin Avenue and Alexandria Avenue within the highly coveted Los Feliz zip code of 90027. The immediate area has historically provided investors with exceptional long-term capital appreciation and wealth preservation. 1860 North Alexandria Avenue, built in 1951, features an ideal unit composition of Twelve (12) One-Bedroom | One-Bathroom and Four (4) Single | One-Bathroom apartment homes surrounded by a quiet gated courtyard with mature landscaping. The oversized corner parcel measures 10,494 square feet.
Updated unit interiors feature original oak flooring, tiled baths and kitchens, wooden windows, refrigerator, stove, dishwasher, and abundant closets/storage. As units turn over, enhancements could be made to realize market rents.
The property demonstrates true pride of ownership, with multiple capital improvements made, specifically new plumbing, including replacing horizontal lines and risers, which were completed in 2010. The mandatory soft-story retrofit was completed in 2019, new handrails were installed on the staircases and walkways in 2021, and gas shut-off valves were installed in 2019.
Property attributes include 12 vehicle parking spaces (6 individual garages and six on-grade spaces), a common area laundry room, separate gas and electrical utilities, and one central hot-water tank.
1860 North Alexandria Avenue is centrally located in the 90027 / Los Feliz area—one of LA’s most stable and desirable neighborhoods. Furthermore, the subject property offers residents access to various entertainment venues, cultural destinations, and dining options within Los Feliz and neighboring Silver Lake, Hollywood, and DTLA.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$293,937
|
$29.63
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$5,879
|
$0.59
|
| Effective Gross Income |
$288,058
|
$29.04
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$108,097
|
$10.90
|
| Net Operating Income |
$179,961
|
$18.14
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $293,937 |
| Annual Per SF | $29.63 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $5,879 |
| Annual Per SF | $0.59 |
| Effective Gross Income | |
|---|---|
| Annual | $288,058 |
| Annual Per SF | $29.04 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $108,097 |
| Annual Per SF | $10.90 |
| Net Operating Income | |
|---|---|
| Annual | $179,961 |
| Annual Per SF | $18.14 |
Property Facts
| Price | $3,600,000 | Apartment Style | Low Rise |
| Price Per Unit | $225,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.24 AC |
| Cap Rate | 5% | Building Size | 9,920 SF |
| Gross Rent Multiplier | 12.2 | Average Occupancy | 94% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1951 |
| Property Subtype | Apartment | Parking Ratio | 1.21/1,000 SF |
| Price | $3,600,000 |
| Price Per Unit | $225,000 |
| Sale Type | Investment |
| Cap Rate | 5% |
| Gross Rent Multiplier | 12.2 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 9,920 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1951 |
| Parking Ratio | 1.21/1,000 SF |
Unit Amenities
- Dishwasher
- Tile Floors
- Hardwood Floors
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | $1,461 | - |
| 1+1 | 12 | $1,877 | - |
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Walk Score ®
Very Walkable (87)
PROPERTY TAXES
| Parcel Number | 5589-033-042 | Improvements Assessment | $461,080 (2024) |
| Land Assessment | $270,140 (2024) | Total Assessment | $731,220 (2024) |
PROPERTY TAXES
Parcel Number
5589-033-042
Land Assessment
$270,140 (2024)
Improvements Assessment
$461,080 (2024)
Total Assessment
$731,220 (2024)
zoning
| Zoning Code | LARD1.5 |
| LARD1.5 |
-
Rich Johns -
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1860 Alexandria
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