$5,300,000
Exceptional opportunity to acquire a 36 unit apartment building comprised of 9 studio units and 27 one-bedroom/one-bath units, originally built in 1968 and totaling approximately 29,085 square feet of living space. The property currently offers an attractive 5.8% cap rate, with approximately 33% rental upside, presenting investors with the potential to achieve a projected cap rate of up to 10.8% as rents are brought to market levels. Amenities include assigned parking in a subterranean garage, community laundry facilities, individually metered gas and electric utilities, and an on-site manager. The building has also benefited from recent capital improvements, enhancing the property's condition and reducing near-term maintenance requirements. Ideally located just minutes from the iconic energy of Hollywood and the natural beauty of Griffith Park, the property places residents at the intersection of historic charm and modern urban living. The surrounding neighborhood blends classic architecture and quiet residential streets with easy access to world-famous entertainment corridors, restaurants, theaters, hiking trails, and cultural landmarks. With strong rental demand, significant rental upside, and a highly desirable central location, this asset presents a compelling opportunity for investors seeking both stable current income and long-term value growth in one of Los Angeles’ most dynamic rental markets.
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Listed by Tamas Batyi with Compass (310) 241-3038
Property Type
Apartment
Status
Active
MLS Number
SB26054352
Year Built
1968
Lot Size
0.34 acres