• 62 Units
• 43,586 Sq Ft
• 13,488 Sq Ft
• Unknown Cap Rate

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.