725 S Alvarado St Los Angeles, CA 90057

$2,600,000 Sold Price as of 04/19/2016

-- Beds
-- Baths
12,386 Sq.Ft.

Off Market

$2,600,000 Sold Price as of 04/19/2016 Refinance Your Mortgage

Map preview of 725 S Alvarado St, Los Angeles, CA 90057

Property Overview: 725 S Alvarado St Los Angeles, CA has -- bedrooms, -- bathrooms, 12,386 living square feet and 11,734 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Home Value Compared to the Market

725 S Alvarado St is currently an off market home in the city of Los Angeles. If you are considering making a home purchase, the value you pay for your home will depend on the market you're looking to purchase in. The city of Los Angeles has a median list price of $1,200,000. The median price per/sqft for Los Angeles is $768. With those numbers in mind, if you are looking to purchase a median priced home in Los Angeles, CA and put 20% down you will need to save up $240,000 for the down payment and will need roughly $24,000 for closing costs on top of the down payment. Homeowners who are looking to sell their home could expect to pay an average of 5% (2.5% to the listing agent and 2.5% to the buyers agent) in agent commissions when it comes to selling their home. With the median sale price for a home in Los Angeles the commission could be as much as $56,000. If you're thinking of selling and want to save, contact a local Ardent Real Estate Agent today.

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Sale History for 725 S Alvarado St

Last sold for $2,600,000 on April 19th, 2016

September, 2021
Sep 15, 2021

Date

Active

CRMLS: SR21203515

$5,250,000

Price
Listing provided courtesy of CRMLS

721-729 S Alvarado Street is a mixed-use multi-family residential with neighborhood retail investment opportunity located in the Westlake neighborhood of Los Angeles across the street from the MacArthur Park Metro Station and steps from MacArthur Park. This is an opportunity to acquire 24 residential units and 11 commercial units on an 11,733.5 square foot lot zoned C2-2 in a verified Transit Oriented Communities (TOC) Zone 4. The cap rate on current income is 6.05% (7.92% at market), the GRM is 10.41 (8.58 at market), and the purchase price is only $150,000 per unit in a rapidly urbanizing neighborhood of Los Angeles only minutes from major employment and entertainment hubs like Koreatown, DTLA, and USC. This high cash flow urban infill opportunity will flourish under new ownership! The current improvements consist of two buildings on one lot: 1) A 3-story wood frame & stucco residential structure attached to a 1-story street facing commercial structure 2) A 1-bedroom dwelling unit with two (2) attached ~ 10’ x 20’ storage units in the rear parking lot area of the property. The property has undergone substantial renovations and capital improvements under the current ownership including the addition of new kitchens to 23 units and turnover + renovation of 15 out of the 24 residential units. Other recent improvements include a partial plumbing re-pipe, all new gas lines, new roof, boiler, gates, and a new video camera surveillance system. There is substantial upside left to be gained if a new owner decides to upgrade residential units with modern finishes and kitchens. Commercial tenancies are also under market for the constantly busy Alvarado "Swap Meet" pedestrian mall surrounding MacArthur Park Metro Station. A new owner can have an immediate impact by leasing 4 residential and 2 retail units at the property. The property contains 20 units subject to the Residential Hotel Ordinance and all 24 residential units are subject to the city of Los Angeles Rent Stabilization Ordinance (LA rent control). By utilizing the TOC Tier 4 density bonus, the property may later be redeveloped into a 56 unit multi-residential over retail with a zero-parking requirement due to its proximity to public transportation. The option may also exist to keep the existing main building and add up to 33 units in the rear parking lot area to maximize the density of the lot.

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April, 2021
Apr 16, 2021

Date

Canceled

CRMLS: SR21046053

$5,750,000

Price
Mar 26, 2021

Date

Price Change

CRMLS: SR21046053

$5,750,000

Price
Mar 5, 2021

Date

Active

CRMLS: SR21046053

$6,000,000

Price
Listing provided courtesy of CRMLS

**REDUCED $250,000** Altman Apartments LLC is exclusively offering for sale 721-729 S Alvarado Street, a mixed-use multi-family residential with neighborhood retail investment opportunity located in the Westlake neighborhood of Los Angeles across the street from the MacArthur Park Metro Station and steps from MacArthur Park. The offering represents an opportunity to acquire 24 residential units and 11 commercial units on an 11,733.5 square foot lot zoned C2-2 in a Transit Oriented Communities (TOC) Zone 4. The current improvements consist of a 3-story wood frame & stucco residential structure attached to a 1-story street facing commercial structure. There is also a dwelling unit with two attached storage units in the rear of the property. This property offers a cap rate on current income of 4.93% (6.66% pro-forma) and GRM of 12.41 (10.05 pro-forma) with a purchase price of only $164,000 per unit in a rapidly urbanizing neighborhood of Los Angeles within minutes of major employment hubs and Universities as well as Downtown LA. The property has undergone substantial renovations and capital improvements under the current ownership including the turnover and partial renovation of 15 out of the 24 units. The property contains 20 units subject to the Residential Hotel Ordinance and all residential units are subject to the city of Los Angeles Rent Stabilization Ordinance (rent control).

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April, 2016
Apr 19, 2016

Date

Sold (Public Records)

Public Records

$2,600,000

Price
March, 2005
Mar 4, 2005

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 725 S Alvarado St

Assessed Value (2020): $2,814,322

Year	Land Value	Improved Value	Assessed Value
2020	$2,164,864	$649,458	$2,814,322

About 725 S Alvarado St

Detailed summary of property

725 S Alvarado St is categorized with a use code of Hotel in Los Angeles, CA 90057 and last sold on April 19, 2016 for $2,600,000. This property has -- bedrooms, -- bathrooms, roughly 12,386 living square feet, and sits on an approximately 11,734 square foot lot. Homes in Los Angeles are selling for a median price of $1,120,000 and a median price per square foot of $724. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is sold 132.14% higher than the current median priced home. 725 S Alvarado St was last sold on April 19, 2016 for $2,600,000. Local nearby listings include 421 S La Fayette Park Pl #607, 421 S La Fayette Park Pl #720 and 421 S La Fayette Park Pl #401. The average home in Los Angeles, CA is selling in 106 days. There are currently 4052 homes for sale in the Los Angeles real estate market and 2782 of them are single family homes while 1148 of them are condos and 116 are townhomes. If you are the homeowner and looking to sell the home at 725 S Alvarado St Los Angeles, CA 90057 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 725 S Alvarado St

Public county record property details

Beds: --
Baths: --
Year built: 1923
Sq. Ft.: 12,386
Lot Size: 11,734
Stories: 1

Type: Hotel
Pool: No
Spa: No
County: Los Angeles
Lot#: 22,23
APN: 5141-018-017

The source for these homes facts are from public records.

90057 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$575,000

Median List Price/Sq.Ft.

$538

Median Sold Price

$900,000

Median Sold Price/Sq.Ft.

$515

Total Inventory

Median Sale to List Price %

90.91%

Avg Days on Market

Loan Type

Conventional (0%), FHA (0%), VA (0%), Cash (100%), Other (0%)

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