As you know, we’re not keen on selling properties. But, every once in a while, circumstances force our hand.
So, we’ve just placed 132 N Alvarado St. on the market for $1,715,000.
What is it?
- Brand new 4plex seconds from Echo Park
- All units have 10′ ceilings, private outdoor spaces, hard wood floors, all modern conveniences
- All units have 2 parking spaces
- New leases with high quality tenants
- No deferred maintenance
- A new owner would be buying at 12.5x GRM and a 5.7 cap rate (!!)
Why are we selling? It’s owned via an LLC, which means we can’t borrow against it for a cash-out refinancing the way we can with other buildings. Since we have a ton of equity tie-up in the building which we’d like to return to investors, we’re putting it on the market.
If you’re interested in making an offer, please email me at moses [at] adaptiverealty [dot] com for more info.
Are you a broker? We’re offering a 2.5% co-op on this deal.