130 N Alexandria Ave · Los Angeles, CA 90004

$10,500,000

2916 bd · 2916.0 ba · 36,012 sqft · MultiFamily · 61 Days on market

Built 1971 Good condition 0.55 ac lot $292/sqft · at area comps Est $10166k · at est.

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.1/30.0
• ARV discount +6.0/15.0
• DSCR +4.6/10.0
• 1% rule +4.2/10.0
• Condition / age +4.2/5.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 54 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

We are pleased to present The Orleans Apartments, a 54-unit investment opportunity in prime Koreatown just east of Normandie Ave and south of Beverly Blvd. The subject property features an ideal unit mix of 54 one-bedrooms with 57 subterranean parking spaces; four units will be delivered vacant at the close of escrow. This is a value-add opportunity with 21% rental upside achievable as units turn; units are well-maintained but can be enhanced to capture premium rents with a renovation program including luxury vinyl plank flooring, stainless steel appliances, custom cabinetry and countertops, smoothed ceilings and light fixtures, and HVAC; exterior upgrades could include paint and common are

Key facts

• Renovation program
• Rental upside
• 0.55 acre lot

Tags

• 54 UNIT INVESTMENT OPPORTUNITY
• VALUE ADD OPPORTUNITY
• RENTAL UPSIDE
• WELL MAINTAINED UNITS
• RENOVATION PROGRAM
• LUXURY VINYL PLANK FLOORING

Property features AI

Finance

• Other: One building on the parcel
• Financial info: Actual annual gross rent approximately $944,664; Actual gross annual income approximately $956,279; Gross operating income approximately $908,465; Net operating income approximately $499,918; Total annual expenses approximately $408,547; Cap rate about 4.76%; Gross rent multiplier about 10.98; Vacancy rate about 2%; Typical unit rent shown: $1,458 per month; projected unit rent listed at $99,900 annually (per unit projection); 54 like 1-bedroom units
• HOA & community: Total of 54 units in the complex

Exterior

• Parking: Subterranean parking; 57 total parking spaces
• Security: Security details not provided
• Utilities: Utility details not provided
• Home design: Residential income property; Three-story building
• Construction: Construction details not provided; Foundation/roof details not provided
• Exterior features: No other structures on the lot; Lot zoned LAR3

Interior

• Kitchen: Standard apartment kitchens (appliances not specified)
• Bedrooms: Predominantly 1-bedroom units (54 like units)
• Flooring: Flooring details not provided
• Bathrooms: Each 1-bedroom unit includes a full bath
• Heating & cooling: No central heating; No cooling
• Interior features: Apartments (multi-unit residential income property); Actual occupancy and rents documented
• Laundry & utility: Laundry/utility details not provided

What this means for you Summary

Snapshot

• This is a 54 × 1-bed/1-bath units multifamily listed at $10.50M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $3k ($42k/yr) — positive. Per door: $65/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $9.63M (8.3% below list).
• Recommended offer: $9.63M (8.3% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, crime F, cost of living F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Frank Del Olmo Elementary (509 students, 98% FRL); Virgil Middle (1,017 students, 97% FRL); Ramon C. Cortines School of Visual And Performing Arts (math 18% / reading 62%, grade F, #514 of 1,170 statewide, top 44%, 1,171 students, 69% FRL) — zoned schools average 88% FRL vs 67% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.7%/yr); 142 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $96,279/mo this rent would consume 1782% of the median local household income ($65k/yr) (locally 6512% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $73k of loan paydown is wiped out by about $315k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($9.87M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $9,627,900 (8.3% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 6.69%
• Cash-on-cash: 1.43%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

• ARV (median comp): $10,166,342
• List price: $10,500,000
• Delta: 3.28%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.40×
• Total profit: $-1,759,411
• Equity at exit: $1,565,584

10-year hold

• IRR: -16.5%
• Equity multiple: 0.21×
• Total profit: $-2,329,767
• Equity at exit: $907,848

Cash invested: $2,940,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 90004

• Rents YoY: -1.7%
• Active inventory: 142
• Price-to-rent: 490.8×

Monthly cashflow live

• Estimated rent: $96,279 high
• Mortgage (P&I): −$55,063
• Tax est. 1.5%: −$13,125 /mo · $157,500/yr
• Insurance: −$4,375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$20,219
• Net cashflow: $3,497

Break-even live

Break-even rent $91,852

Max offer price $10,500,000

Occupancy floor 91%

Sensitivity live

Price	-10% $10,754	-5% $7,125	+0% $3,497	+5% $-131	+10% $-3,759
Rent	-10% $-4,109	-5% $-306	+0% $3,497	+5% $7,300	+10% $11,103
Rate	-1.0pp $8,785	-0.5pp $6,168	base $3,497	+0.5pp $776	+1.0pp $-1,992

54-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 54× units	1	1	$96,282
Total (54 units)			$96,279

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $2,625,000
• Closing costs: $315,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $10,500,000 Active 61 DOM
2. 2026-06-18
   days on market $10,500,000 Active 58 DOM
3. 2026-06-17
   days on market $10,500,000 Active 57 DOM
4. 2026-06-16
   days on market $10,500,000 Active 56 DOM
5. 2026-06-15
   days on market $10,500,000 Active 55 DOM
6. 2026-06-13
   days on market $10,500,000 Active 53 DOM
7. 2026-06-09
   days on market $10,500,000 Active 49 DOM
8. 2026-06-08
   days on market $10,500,000 Active 48 DOM
9. 2026-06-07
   days on market $10,500,000 Active 47 DOM
10. 2026-06-04
    days on market $10,500,000 Active 44 DOM
11. 2026-06-03
    days on market $10,500,000 Active 43 DOM
12. 2026-06-02
    days on market $10,500,000 Active 42 DOM
13. 2026-06-01
    days on market $10,500,000 Active 41 DOM
14. 2026-05-31
    days on market $10,500,000 Active 40 DOM
15. 2026-04-21
    listed $10,500,000 Active 1751-char remark
16. 2025-06-01
    listed Active
17. 2024-11-20
    price
18. 2024-08-14
    price
19. 2024-07-18
    listed Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥92°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,155,348
• − Mortgage interest: −$588,163
• − Property taxes: −$157,500
• − Insurance: −$52,500
• − Repairs & maintenance: −$92,428
• − Management: −$92,428
• − Depreciation: −$305,455
• Taxable loss: −$133,125
• Est. tax savings @ 24.0%: +$31,950
• After-tax cash flow: $73,917/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 13 photos

Good 85/100 Cosmetic rehab

The subject property is a well-maintained multi-family building with good condition and potential for value-add improvements.

Value-add opportunities

• Both Upgrade flooring to luxury vinyl plank — This will enhance the aesthetic and increase both resale and rental value
• Both Install stainless steel appliances — This will attract higher rent and increase resale value
• Both Custom cabinetry and countertops — This will enhance the aesthetic and increase both resale and rental value
• Both Smooth ceilings and light fixtures — This will enhance the aesthetic and increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Upgrade flooring to luxury vinyl plank — This will enhance the aesthetic and increase both resale and rental value ↑
• Both Install stainless steel appliances — This will attract higher rent and increase resale value ↑
• Both Custom cabinetry and countertops — This will enhance the aesthetic and increase both resale and rental value ↑
• Both Smooth ceilings and light fixtures — This will enhance the aesthetic and increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 58,484
• Household income: $64,826
• Rent vs Own: 83.8% rent · 16.2% own
• Severe rent burden: 6512.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 46% Asian 25% White 21% Two or more races 11% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Lithuanian 1% Romanian 1% Scotch-Irish 1%
• Foreign-born: 47% · Canada, South Korea, China
• Languages at home: 34% English-only · Spanish 40% Korean 10% Tagalog/Filipino 8%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -896.52%
• Current HPI: 421.3689
• Rent YoY: ▼ -1.71%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

5 events — show timeline

• 2026-04-21 Listed $10,500,000 TheMLS
• 2025-06-01 Listed — TheMLS
• 2024-11-20 Price Changed — TheMLS
• 2024-08-14 Price Changed — TheMLS
• 2024-07-18 Listed — TheMLS