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.
