Description
Built in 2021, 426 N Alexandria Ave is luxury boutique located in the vibrant culture of Hollywood and Koreatown and features full-circle views of Los Angeles with conveniences to delicious food, nightlife, and easy access to grocery stores and pharmacies.
The property is comprised of 8 fully-furnished 5 bedroom and 5 bathroom rooms designed for comfort, convenience, and community. The property features 40 private rooms with private baths alongside 15 parking spaces (7 standard, 7 compact, and 1 disabled), in-unit washers and dryers, stainless steel appliances, European designed cabinetry, balconies and reserved parking, stylish flooring, mobile-friendly thermostats, central AC, balconies and reserved parking.
The entire building is master-leased to a seasoned Co-Living Operator who’s lease commenced in November, 2023 and matures in 2029. The 2024 monthly annual rent is $49,400 starting March 1, 2024, rending this a 5.8% cap rate through the end of 2025. Additional rent escalations in future years are tied to market conditions.
Tenants enjoy a private room with a bathroom in a luxury boutique building with a queen size bed. All utilities are already connected, including high-speed internet. There is a 360-degree view of the city from a furnished rooftop in a location with a “walking score of 85”. 426 North Alexandria Avenue is a nine-minute walk from the Metro B Line (Red) at the Vermont / Beverly Station stop. Nearby parks include Lemon Grove Park, Shatto Recreation Center, and South Serrano Avenue Historic District. The Property is centrally located in Melrose Hill and a short distance away from Larchmont, Downtown, and Hollywood.
Property Features:
Purchase Price: $10,225,000
Price Per Room: $255,625
Price Per Sq.Ft.: $611.18
Number of Rooms: 40
Proforma Cap Rate: 5.11%
Number of 5 Bed/5 Bath Rooms: 5
Building Size: ±16,730 Sq. Ft.
Land Area: ±7,474 Sq. Ft.
Gross Income: $543,400/year
Parking: 15 Spaces
Year Built: 2021
Property Highlights:
- 40 fully furnished rooms with private bathrooms and natural light
- Built in 2021
- Controlled Access
- Pet-friendly communities
- 15 parking spaces in a gated and subterranean garage
- Community rooftop sky deck with BBQ grill station, picnic tables, and parasols
- Central A/C & smart thermostats
- Quartz countertops
- Two-tone cabinetry
- Stainless steel appliances: range, oven, microwave, refrigerator, freezer, dishwasher
- Washer/Dryer in units
- High speed internet
- Private roomss equipped with: Queen size bed, a floor length mirror, a bedside table and lamp, and a desk with a chair.
