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$23,900,000
Est. payment /mo
64 Beds
63 Baths
43,586 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 43,586 sqft
Price per Sqft $548
MLS Listing ID 25572151
Bedrooms 64
HOA Y/N No
Year Built 2025
Lot Size 0.310 Acres
Property Description
222 N Alvarado St presents a rare opportunity to acquire a newly constructed 62-unit apartment building in Echo Park one of Los Angeles' most vibrant and high-demand rental markets. Completed in 2025, the property combines modern design, durable systems, and thoughtful unit layouts tailored to today's renter expectations. With a unit mix of (60) one-bedrooms, (1) one-bedroom ADU, and (1) two-bedroom ADU, the building delivers operational efficiency and long-term flexibility.Twelve units are already leased, generating in-place income with average rents around ~$2,450/month. As the lease-up continues, investors can capitalize on pro forma rents approaching ~$2,663/month offering natural rent growth with minimal intervention. Rare for new construction, the building includes 52 parking spaces, giving it a competitive edge in a submarket where parking is limited and tenant demand is high. Positioned west of Downtown Los Angeles, residents enjoy proximity to green spaces like Echo Park Lake and Vista Hermosa, as well as access to indie theaters, galleries, and local eateries. The location offers strong commuter access via the 101 and 110 freeways and excellent walkability. Priced at approximately $385K per door and requiring no capital improvements, 222 N Alvarado St is an exceptional turnkey investment for yield-focused buyers seeking long-term growth in a supply-constrained market. Brand-New Construction (2025): No deferred maintenance and fully modern systems.62 Units with Premium Interiors: Includes (60) 1BRs, (1) 1BR ADU, and (1) 2BR ADU.52 On-Site Parking Spaces: A rare amenity for new developments in central LA.Immediate Income: 12 units leased with in-place rents averaging ~$2,450/month.Pro Forma Rents Up to $2,800: Clear path to income growth as lease-up continues.Efficient Price Point: $385K per unit below typical cost for comparable new builds.Strong Echo Park Location: High renter demand, walkability, and freeway access.No Renovation Needed: Move-in ready units allow investors to focus on growth.Stabilization Potential: Forecasted cap rate of 5.42% with conservative underwriting.Zoned LAR4: Offers long-term flexibility for future redevelopment or repositioning.
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Zoning LAR4
Interior
Heating Central
Cooling Central Air
Fireplace No
Appliance Barbecue, Dishwasher, Disposal, Microwave
Exterior
Parking Features Assigned, Garage
Total Parking Spaces 52
Building
Story 6
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5157021030
Special Listing Condition Standard
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Listed by Taylor Avakian Lyon Stahl Investment Real Estate, Inc.
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