Marcus & Millichap is pleased to present 328 North Alexandria Avenue, in Los Angeles, CA. Built in 1929, this 8-unit property located on a 6,900 SF lot is a redevelopment or value-add investment opportunity in the dense rental submarket of Koreatown. The lot is currently zoned R3-1 and is in a Tier 3 TOC. The current building consists of eight units featuring singles and one-bedrooms.
As an investment deal, the offering presents an investor a value-add opportunity at a low price per unit of $168,750. With current rents below market, the pro forma CAP rate is 6.97% as units turn and market rents are achieved. Additionally, the subject property has eight total parking spaces at the rear of the property.
Koreatown, located west of Downtown LA and south of Hollywood, is one of the most diverse neighborhoods in all of Los Angeles. Known for having one of the largest concentration of nightclubs, 24-hour businesses and restaurants in the country, Koreatown continues to produce high demand for apartment units which drives the rental rates year over year. The subject property has a high walk score of 85 and a location that provides easy access to both metro options and the 101 Freeway.