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Key Details
Sold Price $3,150,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 8,080 sqft
Price per Sqft $389
MLS Listing ID 21786236
Sold Date 12/28/21
Bedrooms 11
HOA Y/N No
Year Built 1963
Lot Size 6,255 Sqft
Acres 0.1436
Property Description
A nine-unit value-add investment opportunity in the highly sought-after submarket of West Hollywood located just west of Fairfax Ave between Santa Monica Blvd and Melrose Ave. This ideal location is walking distance to many desirable destinations such as Whole Foods, Laurel Hardware, Ysabel, Employees, plus many others.The building features a desirable unit mix of seven spacious one-bedrooms (+\-700-850 SF) and two two-bedrooms (+\- 1,000 SF) with 10 parking spaces. Most of the units are leased at below market rents, providing an investor the opportunity to capture the 43% rental upside through further interior renovations as units turn (currently 2 units are vacant). The building has been well-maintained throughout the years with a new roof installed in 2021, copper plumbing throughout and a completely upgraded fire sprinkler system. Additionally, the property has a community laundry room with one washer and one dryer, is separately metered for gas and electricity and has a storage room at the rear of the property that could potentially be converted to an ADU (Buyer to verify).West Hollywood is one of the most coveted submarkets in Los Angeles and a top travel destination attracting those in entertainment, fashion, and entrepreneurship. The subject property has an incredibly high walk score of 95 with prominent dining and nightlife options to choose from. Tours by appointment only. Please do not visit the property or disturb current tenants. Thank you.
Location
State CA
County Los Angeles
Area C10 - West Hollywood Vicinity
Zoning WDR3B
Rooms
Ensuite Laundry CommonArea
Interior
Interior Features CeilingFans
Laundry Location CommonArea
Heating NaturalGas
Cooling WallWindowUnits
Flooring Carpet, Laminate
Fireplaces Type None
Fireplace No
Appliance GasCooktop, GasRange, Refrigerator
Laundry CommonArea
Exterior
Pool None
Total Parking Spaces 10
Private Pool No
Building
Story 2
New Construction No
Others
Senior Community No
Tax ID 5529014040
Special Listing Condition Standard
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Bought with Neema Ahadian • Marcus & Millichap