1813-1817 Grace Ave
Los Angeles, CA 90028
Multifamily Property For Sale
·
8 Units
Investment Highlights
- A two-parcel, 8-unit true valueadd investment or redevelopment opportunity located in an irreplaceable location of Hollywood
- Pro forma rents can be achieved in the neighborhood through highend renovations within the classic architecture
- The new section 1400Z allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timely invested in a QOZ
- Consists of two fourplexes in an A+ location giving an investor the opportunity to purchase a trophy asset with all eight units delivered vacant
- Located within a newly established Qualified Opportunity Zone (QOZ) for investment, established by the Tax Cuts and Jobs Act, Section 1400Z
- Located on a large lot totaling 13,256 SF; current zoning is {Q} R4-2 located in a Tier 3 TOC offering redevelopment potential
Property Facts
| No. Units | 8 | Building Size | 8,571 SF |
| Property Type | Multifamily | Average Occupancy | 0% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1924/1937 |
| Building Class | C | Parking Ratio | 0.7/1,000 SF |
| Lot Size | 0.30 AC | ||
| Zoning | R4, Los Angeles - TOC Tier 3 | ||
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 8,571 SF |
| Average Occupancy | 0% |
| No. Stories | 2 |
| Year Built/Renovated | 1924/1937 |
| Parking Ratio | 0.7/1,000 SF |
| Zoning | R4, Los Angeles - TOC Tier 3 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Fireplace
- Heating
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
- Gated
- Smoke Detector
About 1813-1817 GRACE AVE , LOS ANGELES, CA 90028
Marcus & Millichap is pleased to present 1813-1817 Grace Avenue, in Hollywood, CA. Built in 1924 & 1937, this unique property made up of two fourplexes will be delivered completely vacant. This is an ideal true value-add investment or redevelopment opportunity in one of the most soughtafter locations in all of Los Angeles. The lot is 13,256 SF currently zoned {Q} R4-2 in a Tier 3 TOC. Additionally, the property is located within a Qualified Opportunity Zone. The buildings feature a unit mix made up of one-bedrooms and two-bedrooms, each with a spacious layout. The offering as a value-add investment presents the opportunity to capture the pro forma rents immediately once renovations are complete. The properties are fully parked with six existing garage spaces as well as tandem spaces at the rear of the property; three existing storage spaces can also be converted to garage spaces. There is no soft story retrofit required. The buildings are separately metered for gas & electric, have individual water heaters as well as central A/C throughout. Furthermore, there is a community laundry room in each building. This exclusive pocket of Hollywood remains one of the most desirable addresses for both living and working. With the median household income continuing to rise and average home value of over $1 million within three miles, the demand for apartment units increases year-over-year exemplified with surrounding new residential and office developments as well as major employers established in the submarket. 1813-1817 Grace Avenue is ideally situated to benefit from this economic growth as thousands of new highpaying jobs are within walking distance. The subject property has a walk score of 97 with unparalleled access to nightlife, dining, education and employment opportunities.
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $2,450 | - |
| 2+1 | 1 | $3,000 | - |
| 2+2 | 5 | $3,425 | - |
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,808,138 | |
| Land Assessment | $1,992,019 | Total Assessment | $3,800,157 |
Property Taxes
