Skip to main content

Multifamily

The Scott Apartments

247 S Alexandria Ave, Los Angeles, CA 90004

Listing Price: $4,995,000

Cap Rate
2.57%
Number of Units
27
Price/Unit
$185,000
Price/Gross SF
$316.36
Gross SF
15,789

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale The Scott Apartments, a 27-unit apartment community located at 247 South Alexandria Avenue. Located just north of 3rd Street and east of Normandie Avenue, the property is located in a prime Koreatown neighborhood within a vibrant and rapidly developing sub-market. The property is situated in the heart of Koreatown, offering a location with compelling fundamentals, abundant entertainment, dining amenities and easy access to numerous employment centers and retail/entertainment venues. The asset is a three-story building situated on a 7,259 square foot lot consisting of 21 studio units and six one-bedroom units. The subject property allows an investor to acquire a 1920's vintage apartment asset in a desirable location at an attractive basis. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate the units and achieve superior future returns make The Scott Apartments an excellent acquisition opportunity.

Investment Highlights

  • First Time on the Market in Over 50 Years
  • Located in a Designated Opportunity Zone and May be Eligible for Preferential Tax Treatment
  • Residents are Within a Short Walk or Uber Ride to Popular Local Amenities Such as The LINE Hotel, Chapman Plaza, City Center on 6th and Tons of Local Restaurants, Markets and Shops
  • Approximately 55% Rental Upside Through Interior and Exterior Renovations
  • Priced at $185,000 per Unit and $316 per Square Foot, 247 South Alexandria Avenue Offers a Low Entry Point to Acquire a Mid- Sized Property

Exclusively Listed By

Listing Price: $4,995,000

Cap Rate
2.57%
Number of Units
27
Price/Unit
$185,000
Price/Gross SF
$316.36
Gross SF
15,789

Investment Highlights

  • First Time on the Market in Over 50 Years
  • Located in a Designated Opportunity Zone and May be Eligible for Preferential Tax Treatment
  • Residents are Within a Short Walk or Uber Ride to Popular Local Amenities Such as The LINE Hotel, Chapman Plaza, City Center on 6th and Tons of Local Restaurants, Markets and Shops
  • Approximately 55% Rental Upside Through Interior and Exterior Renovations
  • Priced at $185,000 per Unit and $316 per Square Foot, 247 South Alexandria Avenue Offers a Low Entry Point to Acquire a Mid- Sized Property

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale The Scott Apartments, a 27-unit apartment community located at 247 South Alexandria Avenue. Located just north of 3rd Street and east of Normandie Avenue, the property is located in a prime Koreatown neighborhood within a vibrant and rapidly developing sub-market. The property is situated in the heart of Koreatown, offering a location with compelling fundamentals, abundant entertainment, dining amenities and easy access to numerous employment centers and retail/entertainment venues. The asset is a three-story building situated on a 7,259 square foot lot consisting of 21 studio units and six one-bedroom units. The subject property allows an investor to acquire a 1920's vintage apartment asset in a desirable location at an attractive basis. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate the units and achieve superior future returns make The Scott Apartments an excellent acquisition opportunity.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower