The Neema Group of Marcus & Millichap is pleased to present a rare 24-unit value-add opportunity at 1136 S Alvarado St that will be delivered 100% vacant; the property, is located on the main thoroughfare between W 11th St & W Pico Blvd in the center of the Pico Union, Westlake, and Koreatown neighborhoods. The subject property consists of a desirable unit mix of 18 studios (approximately 400 SF) and six one-bedrooms (approximately 600 SF), and the building is individually metered for gas and electric.
The property is being offered in as-is condition; this is an opportunity for a buyer to begin interior renovations immediately at the close of escrow with no tenant relocation required. At the asking price, the property is being offered for a low price per SF of $273. An investor has the potential to achieve a CAP rate of 6.26%-6.92% when projected rents are captured. Additionally, there is potential to add six ADU’s to further increase the rental income (buyer to verify).
1136 Alvarado St is located one mile from the Crypto.com Arena and Los Angeles Convention Center. The neighborhood boasts a high walk score of 93 with retail amenities on W Pico Blvd & S Hoover St; walking distance to numerous Metro rail and bus line stops make this an attractive central for moving around the via public transit or by car with quick access to the 110 and 10 Freeways. The subject property is in the middle of high-growth neighborhoods (Pico Union, Westlake, and Koreatown) where the rental market continues to thrive.
Westlake, located right outside Downtown’s employment hub, is a bustling neighborhood with a young professional demographic. Westlake is adjacent to other no-table neighborhoods, including Echo Park, Pico Union, Downtown and Koreatown. The neighborhood is extremely dense, with endless streets lined with small businesses. MacArthur Park, designated as the City of Los Angeles Cultural Monument #100, is located in Westlake and is adjacent to the Metro’s Westlake/MacArthur Park Station, which affords access to the Red and Purple lines. Those lines provide public transportation toward Downtown, North Hollywood and toward Koreatown, with West Side extensions projected to be completed in 2027.
Westlake is located in Central Los Angeles just to the east of Koreatown and south of the neighborhoods of Silverlake and Echo Park. It is slightly north of Downtown with boundaries defined by some of LA’s oldest and most well-traveled roads — the 101 Hollywood Freeway, the 110 Harbor Freeway, West Olympic, Virgil avenue, Temple Street and Glendale Boulevard