Price Reduction! Amazing value-add 12-unit building with 5 vacancies (4 fully renovated) in Prime West Hollywood priced at only 383k/door and 489/SF. Great current cash flow at 3.81% Cap Rate and 17.14 GRM with an incredible 54% upside to 6.73% Cap Rate and 11.15 GRM on the Proforma. There are preliminary plans to add 3 ADUs in the basement for additional future upside potential. The new buyer can hand-pick their own tenants for the renovated vacancies or the seller can lease up for immediate upside. The subject property is situated in a prime Tri-West location, south of Santa Monica Boulevard and west of La Cienega Boulevard. Built in 1957 and Renovated in 2022, this offering contains a solid unit mix of four (4) studio/one-bathroom units, eight (8) one-bedroom/one-bathroom units, and preliminary plans for three (3) studio/one-bathroom ADU units in the basement while keeping all existing parking spaces, all in prime West Hollywood. The property features large units with the potential to reconfigure the layouts, creating additional beds and maximizing rent potential. Each unit features laminate flooring in the living rooms and bedrooms, while the kitchens and bathrooms boast unique tile with tons of built-in storage/cabinetry. These character units are expansive and bright with plenty of windows letting in natural light. All units come fully equipped with ceiling fans, window A/C units, stove/oven combos, refrigerators, and access to on-site laundry facilities. Select units include updated kitchens and fresh paint. Located on the corner of Sherwood Drive and West Knoll Drive, this 9,392-square-foot building sits on a 6,466-square-foot lot. This well-maintained property features an Old-Hollywood aesthetic, fitting for its prime location. It also includes eight (8) tuck-under parking spaces that need to be retrofitted (ADUs will lower the scope and cost of required soft-story retrofit), multi-level balcony space, and lovely curb appeal. Tenants enjoy the walkable access to dominant commercial corridors on La Cienega Blvd, a one (1) minute walk, and the Beverly Center, a fifteen (15) minute walk south. Situated in prime West Hollywood, this offering presents an excellent opportunity for any investor to capitalize on huge rental upside proximate to some of Los Angeles' most sought-after dining, retail and entertainment.
Courtesy of Marcus & Millichap, Jason Tuvia,
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Data last updated 12/8/22