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Multifamily

320 S Alexandria Ave

320 S Alexandria Ave, Los Angeles, CA 90020

Listing Price: $8,700,000

Cap Rate
3.88%
Number of Units
30
Occupancy
76.7%
Price/Unit
$290,000
Price/Gross SF
$350.79
Gross SF
24,801

Investment Overview

Marcus & Millichap is pleased to present a thirty (30) unit apartment building located at 320 South Alexandria Avenue in Los Angeles, California. The subject property is situated in prime Koreatown, north of Wilshire Boulevard and east of Western Avenue. The highly desirable area of Koreatown is a rapidly developing submarket with abundant dining and entertainment options. Considered an epicenter of jobs and amenities, residents in this area enjoy convenient access to nearly one million jobs and 138 million square feet of of?ce space. This submarket is also recognized as a premier dining and nightlife hub. With a walk score of 95, Koreatown is walkable and transit-oriented, allowing residents to capitalize on in in?ux of new development and to utilize the Metro Purple and Red Lines when needing to commute. The Los Angles County Museum of Art (LACMA), the Miracle Mile, Olympia Medical Center, and the Wilshire Ebell Theater are prominent in this submarket, which has been enjoying an influx of tenants who find rents a bit stiff on the Westside. Built in 1968, this offering contains a great unit mix of six (6) studio/one-bathroom units, sixteen (16) one-bedroom/one-bathroom units, and eight (8) two-bedroom/two-bathroom units. This well-maintained property features extra large units with a modern look on the renovated units. Units include wide array of amenities such as new stoves, refrigerators, A/C, flooring and paint. Tenants will enjoy automatic gated access to on-grade parking. Restaurants, retail, entertainment, and employment hubs are all within walking distance along several major commercial corridors, such as Wilshire Boulevard. The subject property is adjacent West 4th Street and other Koreatown developments, where residents will find JONS International Marketplace, Ocha Classic, Jinsol Gukbap, and Ten-Raku. Situated in prime Koreatown, this offering presents a rare opportunity to acquire a mid size asset with seven (7) vacant units with great rental upside.

Investment Highlights

  • Situated in Prime Koreatown
  • Strong Rental Upside Potential on Current & Vacant Units
  • Rare, Mid Size Koreatown Asset
  • Seven (7) Vacant Units Including Four (4) Which are Renovated
  • Great Unit Mix of Studio, One, & Two Bedroom Units
  • Property Features Video Security System & Elevator
  • Adjacent to Numerous Koreatown Developments
  • Plenty of Gate, On-Grade Parking Available

Exclusively Listed By

Listing Price: $8,700,000

Cap Rate
3.88%
Number of Units
30
Occupancy
76.7%
Price/Unit
$290,000
Price/Gross SF
$350.79
Gross SF
24,801

Investment Highlights

  • Situated in Prime Koreatown
  • Strong Rental Upside Potential on Current & Vacant Units
  • Rare, Mid Size Koreatown Asset
  • Seven (7) Vacant Units Including Four (4) Which are Renovated
  • Great Unit Mix of Studio, One, & Two Bedroom Units
  • Property Features Video Security System & Elevator
  • Adjacent to Numerous Koreatown Developments
  • Plenty of Gate, On-Grade Parking Available

Investment Overview

Marcus & Millichap is pleased to present a thirty (30) unit apartment building located at 320 South Alexandria Avenue in Los Angeles, California. The subject property is situated in prime Koreatown, north of Wilshire Boulevard and east of Western Avenue. The highly desirable area of Koreatown is a rapidly developing submarket with abundant dining and entertainment options. Considered an epicenter of jobs and amenities, residents in this area enjoy convenient access to nearly one million jobs and 138 million square feet of of?ce space. This submarket is also recognized as a premier dining and nightlife hub. With a walk score of 95, Koreatown is walkable and transit-oriented, allowing residents to capitalize on in in?ux of new development and to utilize the Metro Purple and Red Lines when needing to commute. The Los Angles County Museum of Art (LACMA), the Miracle Mile, Olympia Medical Center, and the Wilshire Ebell Theater are prominent in this submarket, which has been enjoying an influx of tenants who find rents a bit stiff on the Westside. Built in 1968, this offering contains a great unit mix of six (6) studio/one-bathroom units, sixteen (16) one-bedroom/one-bathroom units, and eight (8) two-bedroom/two-bathroom units. This well-maintained property features extra large units with a modern look on the renovated units. Units include wide array of amenities such as new stoves, refrigerators, A/C, flooring and paint. Tenants will enjoy automatic gated access to on-grade parking. Restaurants, retail, entertainment, and employment hubs are all within walking distance along several major commercial corridors, such as Wilshire Boulevard. The subject property is adjacent West 4th Street and other Koreatown developments, where residents will find JONS International Marketplace, Ocha Classic, Jinsol Gukbap, and Ten-Raku. Situated in prime Koreatown, this offering presents a rare opportunity to acquire a mid size asset with seven (7) vacant units with great rental upside.

Exclusively Listed By

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