Built in 2016, this building features 9 state-of-the-art, large apartments, a rooftop deck, wi-fi enabled Nest thermostats and a 14-car parking garage with electric vehicle charging stations. Each unit has its own large balcony, open floor plan, high ceilings, hardwood and carpet floors,family room, living room, dining room, office, in-unit storage, walk-in closet, ceiling fans, breakfast bar, granite counters in the kitchen and stainless steel appliances. The property will be delivered with certificate of occupancy in-place. Price per foot is well-below and pro forma cap rate is well-above neighborhood averages. Currently, 6 of the 9 units are leased. Tenants pay for all utilities.
Located in the heart of Hollywood -- a mile from
Hollywood & Highland, Sunset Strip and restaurants
and shopping on Santa Monica Boulevard. With an 89
Walk Score, the area has a wealth of restaurants and
convenient shopping.The Property is in the rapidly
expanding and economically stable area of Hollywood
within the City of Los Angeles, just South of the
Hollywood Bowl, North of West Hollywood and just to
the East of the Sunset Strip. With a population
estimate of about 85,489 according to 2008 L.A.
Department of City Planning estimates, and a median
household income of $33,700, Hollywood is one of
the most visited cities in California. Hollywood has a
current renters rate of approximately 92.4%
according to a study conducted by L.A Times, thus
creating the ideal market place for apartment owners
to capture prime rental rates. As with West
Hollywood and the Greater Wilshire area, this area is
following suit in revitalization, bringing in an increase
in high-end development and a new demographic of
young professionals with a desire to live in the very
affluent and hip area.
