We are pleased to announce the sale of 639 N Alexandria Avenue, a 9-unit non-rent controlled multifamily property located on a cul-de-sac in East Hollywood. Constructed in 1991, the property features an excellent unit mix, containing exclusively two- and three-bedroom apartments. The building has been thoroughly renovated in the past 12 months, with upgrades spanning from new exterior paint to new custom kitchen cabinetry and countertops. In addition to providing strong initial cash flow, the building provides a new investor with an effective hedge against the potential repeal of the Costa-Hawkins Act, as the current owner has completed the effort to ensure that all in-place rents are at or near market levels.Nearly 90% of the units feature quartz countertops, new custom cabinetry, new wood and tile floorings, modern paint, and upgraded bathrooms. The on-grade parking garage contains space for 18 vehicles, providing tenants a ratio of two parking spaces per unit.
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Listing Courtesy ofMarcus & Millichap