The 10-unit Alexandria Apartments multi-family asset located in bustling Korea-Town district in a quiet street with recently 7 out of 10 units are renovated magnificently: New kitchen cabinet, quartz countertop, stainless steel appliances, full-size gas stoves and refrigerators, Microwave, recessed lighting, new windows and synthetic hardwood floors. This property has 35% upside potential. Property's unit-mix consists of one 2-bed/1-bath, eight 1-bed/1-bath and one studio/1-bath. The Soft Story Retrofit is done. The property is separately metered for gas and electric utilities, keeping landlord's expenses low. There is a credit card operating laundry room on site for additional income. There are 5 tandem parking spaces for a total of 10-car uncovered garage. Brand new building hot water heater. Zoned LAR4 with a density bonus and Opportunity Zone. With its NOI at $137,434, this property boasts a CAP rate of 4.29% and GRM 15.82 times Gross. With 40% down payment and 60% LTV at 3.5% interest rate, there is a healthy $40,403 positive pre-tax cash flow. Combined with principal reduction, there is over $70,000 cash return for a cash-on-cash rate of 5.49%. To save on income taxes, the investor could potentially write off over $35,000 annual depreciation for 27 years based on the building assessed value of the new tax roll.
This property is not currently displayed as for sale or rent on Zillow. This may be different from what's on other websites or public sources.
