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$17,700,000
Est. payment /mo
42,399 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 42,399 sqft
Price per Sqft $417
MLS Listing ID CL24455673
HOA Y/N No
Year Built 1965
Lot Size 0.623 Acres
Acres 0.62
Property Sub-Type Other
Property Description
Seller finally says Sell! Nearly $1M price reduction ! 5 cap with significant upside and room to convert the recreation rooms into two ADU's. Trophy Value Add Muti-family Investment opportunity in a Prime Hollywood Hills area of Los Angeles, CA.This Property has been in same family for over 40 years. Rents are 35 % below market ! The Market Cap Rate is over 8% with a 9 x GRM. Property has an inviting lobby - large pool- elevator - room to add multiple ADU's , a gym and a roof top deck. The property was built in 1965 but completely renovated in the 1980s. Units have central A/C . Walk score is 94. Premiere hiking trails nearby as well as Hollywood and Sunset Blvd eateries and shops.This is an amazing rental area -one of the most trendy, desirable and walkable neighborhoods in LA.Metro line is only a 15 min walk away and centrally located with Easy access to 101 freeway , Downtown and the San Fernando Valley. There is a tremendous amount of development and job availability in the immediate area.Netflix, Sunset Gower Studios, Nickelodeon, Capital Records within a 10 min drive. This property is surrounded by condos and an astute buyer can take this property to the next level with some cosmetic upgrades.
Location
State CA
County Los Angeles
Zoning LAR3
Interior
Heating Electric, Heat Pump
Fireplace No
Exterior
View Y/N true
View Park/Greenbelt
Building
New Construction No
Others
Tax ID 5550016020
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Listed by Alex Galuz • Keller Williams Realty Calabasas
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