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1435 Alvarado
Los Angeles, CA 90006
Sold
Presenting 1435 Alvarado Terrace in Los Angeles. This 30-unit apartment building is a value-add property with a 100%+ upside in rents in the high-demand Pico Union rental market area of Los Angeles. This value-added opportunity provides investors to acquire a well-located, well-maintained, professionally managed apartment building. The building has been consistently upgraded with recent major improvements that include new exterior paint including the steel hand railings. New Electrical Sub-Panels have been installed, and a new 4-inch waste-line and runs 200 feet from the building to the street. Fifteen of the units have been recently remodeled and upgraded with new paint, new kitchens, new countertops, new fixtures, new blinds, ceiling fans, hardwood, and tile flooring. There is beautiful hardwood flooring throughout all the building's hallways and stairs. The units have large new windows making the 9-foot ceiling units bright and welcoming. The front entry door has an intercom-controlled gate, and the building features many security cameras that can be remotely viewed 24 hours a day. It has an on-site laundry facility with a new water heater for the tenants. The building is separately metered for gas and electricity. The property will be delivered with significant upside potential but will provide the new owner with significant upside potential. When the long-term tenant’s turnover, the new owner will enjoy a large increase in rental income and be able to renovate the units to increase the value of those units. Located on the ground floor of the building is a large multi-room area that could be a large potential ADU unit or a large Owner/User Management office. The building was constructed in 1912 and is a 30-unit ±16.047 square foot building on a ±7,505 square foot [Q]RD1.5-1 zoned lot. There is an excellent unit mix of six one-bedroom units and twenty-six studio units. The building is located within walking distance of shopping, schools, restaurants, and the beautiful Terrace Park. This location is located 2 miles from DTLA, LA Live, Crypto.com Arena, and downtown attractions.
PROPERTY INFORMATION
| MLS # | SR24057452 | Lot Size | 7,507 Sq. Ft. |
| HOA Fees | $0/Monthly | Property Type | Apartment |
| Price | $ 3,975,000
Price Per SqFt: $ 248 |
DOM | 409 Days |
| Address | 1435 Alvarado | Type | Residential Income |
| City | Los Angeles | Sq.Ft. | 16,047 Sq. Ft. |
| Postal Code | 90006 | Garage | N/A |
| County | Los Angeles | Year Built | 1912 |
| Bed / Bath | 1 / 0 | Parking | N/A |
| Built In | 1912 | Status | Closed |
| Sold Date | 2024-08-09 |
INTERIOR FEATURES
| Has Laundry | Yes |
| Laundry Information | Common Area, Dryer Included, Washer Included |
| Has Heating | Yes |
| Heating Information | Wall Furnace |
| Has Cooling | Yes |
| Cooling Information | Wall/Window Unit(s) |
| Flooring Information | Tile, Wood |
| EntryLocation | Front |
| Entry Level | 1 |
EXTERIOR FEATURES
| Roof | Flat |
| Has Pool | No |
| Pool | None |
WALKSCORE
MAP
MORTGAGE CALCULATOR
- Principal & Interest:
- Property Tax: $4,240
- Home Insurance:$119
- HOA Fees:$0
- Mortgage Insurance:
PRICE HISTORY
| Date | Event | Price |
| 08/09/2024 | Sold | $3,300,000 |
| 03/21/2024 | Listed | $3,975,000 |
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Listing provided courtesy of Cynthia Burts, Burts & Associates. Based on information from California Regional Multiple Listing Service, Inc. as of #Date#. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
