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The Palms 1959 Grace Ave 35 Unit Apartment Building $8,500,000 ($242,857/Unit) 5.94% Cap Rate Los Angeles, CA 90068
Investment Highlights
- 1st Time to be Sold in Over 38 Years!
- Excellent Unit Mix offering Studio, 1 & 2 Bedroom Units
- On Site Parking, Swimming Pool & Laundry Facility for Tenants
- Rare Classic Mid Century Model Style Property
- 41 Parking Spots - Over a 1:1 Parking to Unit Ratio
- Large 24,143 SF Corner Lot
Executive Summary
1959 Grace Avenue presents the opportunity to acquire a multifamily asset in the Hollywood Hills submarket of Los Angeles, an area known for its proximity to major employment centers, entertainment industry hubs, and some of the city's most recognizable destinations. Situated north of Hollywood Boulevard and near the Hollywood Freeway (US-101), the property benefits from convenient access to Hollywood, Studio City, Burbank, Downtown Los Angeles, and the broader San Fernando Valley.
The property is positioned within an established residential neighborhood characterized by a mix of multifamily and residential development. Residents benefit from proximity to major entertainment employers, production studios, dining destinations, retail amenities, and cultural attractions throughout Hollywood and the surrounding area. Nearby destinations include the Hollywood Bowl, Hollywood & Highland district, Runyon Canyon, and numerous employment centers tied to the entertainment, media, and creative industries.
The central location provides connectivity to regional transportation corridors and public transit options, supporting accessibility throughout Los Angeles County. Continued demand for housing in the Hollywood area, combined with limited land availability and proximity to major employment concentrations, has contributed to the long-term appeal of residential investment properties in the surrounding market.
For investors seeking an asset within one of Los Angeles' most established urban residential submarkets, 1959 Grace Avenue offers a location supported by strong neighborhood amenities, regional accessibility, and access to major economic drivers throughout the city.
The property is positioned within an established residential neighborhood characterized by a mix of multifamily and residential development. Residents benefit from proximity to major entertainment employers, production studios, dining destinations, retail amenities, and cultural attractions throughout Hollywood and the surrounding area. Nearby destinations include the Hollywood Bowl, Hollywood & Highland district, Runyon Canyon, and numerous employment centers tied to the entertainment, media, and creative industries.
The central location provides connectivity to regional transportation corridors and public transit options, supporting accessibility throughout Los Angeles County. Continued demand for housing in the Hollywood area, combined with limited land availability and proximity to major employment concentrations, has contributed to the long-term appeal of residential investment properties in the surrounding market.
For investors seeking an asset within one of Los Angeles' most established urban residential submarkets, 1959 Grace Avenue offers a location supported by strong neighborhood amenities, regional accessibility, and access to major economic drivers throughout the city.
Property Facts
| Price | $8,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $242,857 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.57 AC |
| Cap Rate | 5.94% | Building Size | 33,228 SF |
| Gross Rent Multiplier | 10.37 | No. Stories | 2 |
| No. Units | 35 | Year Built | 1962 |
| Property Type | Multifamily | Parking Ratio | 1.23/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | LARD1.5 - Restricted Density Multiple Dwelling | ||
| Price | $8,500,000 |
| Price Per Unit | $242,857 |
| Sale Type | Investment |
| Cap Rate | 5.94% |
| Gross Rent Multiplier | 10.37 |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.57 AC |
| Building Size | 33,228 SF |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 1.23/1,000 SF |
| Zoning | LARD1.5 - Restricted Density Multiple Dwelling |
Amenities
Unit Amenities
- Balcony
- Heating
- Kitchen
- Range
Site Amenities
- Recycling
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 550 |
| 1+1 | 21 | - | 650 |
| 2+1.5 | 2 | - | 900 |
| 2+2 | 6 | - | 900 |
Moderately walkable
70/100
Very drivable
80/100
Good public transit
60/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 5575-005-026 | Improvements Assessment | $1,401,831 |
| Land Assessment | $3,274,226 | Total Assessment | $4,676,057 |
Property Taxes
Parcel Number
5575-005-026
Land Assessment
$3,274,226
Improvements Assessment
$1,401,831
Total Assessment
$4,676,057
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The Palms | 1959 Grace Ave