The large 10,319 square foot lot contains all two bedroom units, spread over three separate buildings. While six of those units were constructed in 1922, four units were added in 1988 and allow higher annual rent increases as a result (Buyer to verify). The investment provides an excellent opportunity to add value and continually improve annual returns, as current rents are approximately 63% below market levels. It may be possible to eventually achieve a 7.37% CAP Rate if all units are set to market rents in the future. Located near the intersection of Santa Monica Boulevard and Western Avenue, the property sits just east of Paramount Studios and the Hollywood Forever Cemetery. The exclusive Hancock Park neighborhood is only a few blocks southwest, while Koreatown and the Hollywood Walk of Fame are both nearby as well. The new 14-story ICON office tower, primarily leased to Netflix, was recently completed at the nearby Sunset Bronson Studios, while additional new construction is scheduled for Sunset Gower Studios, just one mile from the property. There, a joint venture between Hudson Pacific Properties and The Blackstone Group will be expanding the studio and office space, adding 620,000 square feet to the studio campus. The neighborhood has seen an influx of optimistic capital from large investment groups, including the aforementioned The Blackstone Group, Hudson Pacific Properties, and Netflix. The long-awaited Hollywood Target store opened in late-2020 just a few blocks directly north at the corner of Western Avenue and Sunset Boulevard. New mixed-use developments are also planned just south of the property, with several projects breaking ground along Melrose Avenue.
Listing By Marcus & Millichap – Roderick 'Rick' Raymundo
Data Last Updated 11:12AM - 10/20/2021
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