PLEASE CONTACT BROKER FOR FULL OFFERING MEMORANDUM. Prime West Hollywood 10-unit multi-family property with semi-subterranean underground parking, controlled intercom access and laundry room. The Property features an excellent unit mix of 4-two bedroom two bath units and 6-one bedroom one bath units that are separately metered for gas and electricity. All units have balconies/patios and wall air conditioning. Select units are renovated with new kitchen cabinets, granite countertops and laminate hardwood floors. The Property is not subject to the soft-story retrofit program (buyer to confirm) eliminating the cost and hassle for the new owner. With significant upside of approximately 62% in rents, a savvy investor will be able to increase the cash flow of the Property and add value to the asset by increasing the rents as the units turnover. Priced at only $350,000/unit, $384/S.F., 3.4% CAP and 18.8 x current rents. Proforma 6.5% CAP rate and 11.6 GRM with rents at market.
Property is located in the high demand rental market of West Hollywood just North of Santa Monica Blvd, South of Fountain Ave., and West of La Brea Ave. With a Walking Score of 90 out of 100, tenants enjoy the short half a block walk to Trader Joes and Smart & Final grocery stores. Target, Best Buy, Starbucks Coffee and other restaurants are located just few blocks away on the corner of Santa Monica Blvd and La Brea Ave. Tenants also enjoy the grassy areas, children's playground, tennis courts and basketball court of Plummer Park which is located directly behind the Property. This pride of ownership asset is centrally located within minutes to world famous Hollywood Blvd and Sunset Blvd with the plethora of hip bars, restaurants, shopping, entertainment and nightlife that it offers.
