Marcus & Millichap is pleased to present an 16 unit apartment building on Gardner Street in prime Hollywood, California. Located in the center of Hollywood, 1310 N Gardner Street is a perfect location for a tenant to embrace the Hollywood lifestyle.
Built in 1957 and subject to rent control, the property consists of Eight (8) One Bedroom/One Bathroom units and Eight (8) Two Bedroom/Two Bathroom Units. Tenants are attracted to the property given the various amenities offered which include large spacious units, secured access, covered parking, on-site laundry, and an open courtyard with a pool.
The subject property is located in Hollywood which is also known as the Heart of Los Angeles. Hollywood is a city known worldwide and is home to countless production and film companies. The entertainment options, dining establishments, and shopping outlets are endless. Conveniently located in between Fountain Avenue and Sunset Boulevard, the property is just minutes to Runyon Canyon, the Laugh Factory, the Hollywood Bowl, the Walk of Fame, the Chinese Theater and many other places. Various other attractions include the Hollywood and Highland Center, The Grove, Sunset Plaza, and the Beverly Center.
While the current owners have been successful in achieving reasonable rents, there is still significant upside in rental income. There is still opportunity to create significantly higher income by completing the rehabs on some of the interiors and moving rents to market as the units turnover.
1310 North Gardner Street is an excellent opportunity for an investor looking to purchase a pride of ownership apartment complex in the heart of Hollywood with significant upside in the rents.
****Seismic Retrofitting (Approx $110,000) has been completed and the owners are currently working on getting the tenant Cost Recovery approved by the city.
*****Brand new roof put on in 2018 (Approx $26,000)
