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$ 1,895,000
Est. payment | /mo
4,220 SqFt
$ 1,895,000
Est. payment | /mo
4,220 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 4,220 sqft
Price per Sqft $449
MLS Listing ID CL26833687
HOA Y/N No
Year Built 1923
Lot Size 5,017 Sqft
Acres 0.1152
Property Sub-Type Other
Property Description
Attractive 8-unit Hollywood apartment asset currently operating at a strong 6.1% cap rate, offering compelling in-place cash flow with multiple paths to further NOI growth. Most notably, one legacy one-bedroom tenancy is currently paying just $477/month versus an estimated market rent of approximately $2,095/month. Upon lawful turnover and re-leasing at market, this single unit alone would increase the property's cap rate to approximately 7.0%. Ideally located just north of Melrose Avenue in a high-demand, walkable rental pocket near major employment centers, hospitals, transit, dining, and significant ongoing development. The property has been well maintained and recently improved with a new roof and newly remodeled common areas, reducing near-term capital requirements while enhancing the overall tenant experience and curb appeal. Additional upside exists through parking and ancillary income. Several tenants pay separate parking fees that are not subject to rent control, while the garages are currently underutilized, creating further opportunity to increase NOI. The property also offers meaningful development upside. ADU plans were previously RTI and are designed above the existing parking area, allowing an additional unit to be constructed while maintaining parking and potentially adding nearly $2,000/month in rental income. A large existing basement may provide an additional future conversion opportunity, subject to buyer investigation and applicable approvals. A rare opportunity to acquire a well-maintained Hollywood asset with a strong 6.1% going-in yield, a clear path to approximately 7.0% from a single unit turnover, limited near-term capital needs, and multiple additional value-add opportunities.
Location
State CA
County Los Angeles
Zoning LAR1
Interior
Heating Wall Furnace
Fireplace No
Building
New Construction No
Others
Tax ID 5535027004
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Listed by Armin Soleimani • Global Platinum Properties, Inc.
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