Marcus & Millichap has been selected to exclusively market for sale the 1400 North Fairfax Avenue, a 19-unit apartment building in a prime West Hollywood location. The property is situated in one of the most desirable rental submarkets in the Los Angeles area, with occupancy rates consistently above 97 percent. The property also represents a true value-add opportunity through the implementation of a renovation program, upgrading unit interiors, common areas, exterior façades and landscaping.
The building offers an excellent unit mix of studios, one-bedroom and two-bedroom apartments. Two units are studios with one bathroom, nine are one-bedroom/one-bathroom units and eight are two-bedroom/two-bathroom units. The property, with 17,326 rentable square feet on a 0.3-acre lot, features controlled access, on-site covered parking and laundry facilities.
Great walkability is a hallmark of this Hollywood neighborhood. With a Walk Score of 92, the area is within walking distance of trendy restaurants, nightlife, and chic retail shopping along the world famous Sunset Strip. The property is in close proximity to freeways, public transportation, and major employers in the entertainment, tech and hospitality sectors.
Within 3 miles of the Portfolio is a population of just over 300,000 and an average household income of $96,000, as of 2016. Within 5 miles is a population of nearly 864,000. Major nearby employers include the Walt Disney Company, the Anschutz Film Group, Warner Bros Television, and Ticketmaster. In the last several years, young companies specializing in streaming media, virtual reality, and website development have been moving to Hollywood. And, in the last decade, more than $4 billion in public and private capital has been invested in the West Hollywood/Hollywood area, resulting in a major urban revitalization and an unprecedented level of redevelopment.
