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$ 6,150,000
Est. payment | /mo
30 Beds
28 Baths
16,314 SqFt
$ 6,150,000
Est. payment | /mo
30 Beds
28 Baths
16,314 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 16,314 sqft
Price per Sqft $376
MLS Listing ID 26667211
Bedrooms 30
HOA Y/N No
Year Built 1962
Lot Size 0.333 Acres
Property Description
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 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.
Location
State CA
County Los Angeles
Area C18 - Hancock Park-Wilshire
Zoning LAR3
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features Gated, Community Structure
Total Parking Spaces 30
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5522020025
Special Listing Condition Standard
Listed by Neema Ahadian Marcus & Millichap #01346750
NEARBY SCHOOL & BUSINESS
22502 Avenida Empresa, Rancho Santa Margarita, California, 92688, USA
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