We are pleased to present The Alex, a 16-unit multifamily investment opportunity located at 4938 Rosewood Ave in the Larchmont neighborhood of Los Angeles, just south of Melrose Avenue between North Wilton Place and Western Avenue. The property features an ideal unit mix of four one-bedroom units(761765 SF), ten two-bedroom… Read More units (9651,075 SF), and two three-bedroom units (1,0801,083 SF). The property is fully parked with 14 tandem spaces and two single spaces (30 spaces total), and the soft-story retrofit has been completed.Ownership has extensively renovated all units, featuring hardwood flooring, modern kitchens with updated cabinetry and tile backsplashes, recessed lighting, stainless steel appliances, contemporary lighting fixtures, portable AC units, modern bathrooms, and in-unit stacked washers and dryers. Many units also feature private patios or balconies. In addition to interior upgrades, ownership has completed significant exterior capital improvements, including faade renovations, a new intercom and camera system, electrical building rewire, and copper plumbing throughout. The property also features a common-area backyard with BBQ, turf, and seating, as well as a central courtyard with additional seating.Opportunity to acquire a turnkey asset with no deferred maintenance, offering strong in-place cash flow at a 6.30% CAP rate and 10.06 GRM on current income. Rare opportunity to acquire a sizeable, fully renovated asset in one of Los Angeles' strongest rental submarkets, supported by continued year-over-year rent growth and strong tenant demand.The property boasts a Walk Score of 91, with convenient access to retail and dining along Western Avenue and Melrose Avenue, as well as major employment hubs in Hollywood and Koreatown. The Alex is located just east of the multi-million-dollar homes of Larchmont Village and Hancock Park, creating a significant affordability gap between renting and homeownership, which continues to drive strong rental demand. The surrounding area features strong demographics, with an average household income exceeding $90,000 within a five-mile radius. The property also offers easy access to nearby neighborhoods including Los Feliz, West Hollywood, La Brea, and Downtown Los Angeles. Read Less
Property listed by Marcus & Millichap, Neema Ahadian 310-259-7556
Listing Snapshot
Days Online
8
Last Updated
Beds
30
Square Ft.
16,314
Lot Size
0.33 Acres
Year Built
1962
MLS Number
26667211
Additional Details
Building
Built in 1962, Living area: 16314.0, 1 building, 2 stories, Levels: Two
Cooling
None
Heating
None
Income
Gross Income: $611,446, Net Operating Income: $387,423
Lot
0.3332 acres, Dimensions: 100x145
Parking
30 total parking spaces, Gated, CommunityStructure
Taxes
Parcel Number: 5522020025, Zoning: LAR3
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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