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Horton Hall 2041 N Vermont Ave 32 Unit Apartment Building $8,995,000 ($281,094/Unit) 5.15% Cap Rate Los Angeles, CA 90027
INVESTMENT HIGHLIGHTS
- Own a piece of Los Feliz history, Horton Hall is a fabulous 32-unit multifamily building, almost always 100% occupied with a waiting list.
- Indulge in French Normandie design with beamed ceilings, French windows, owner's unit with a fireplace, arched doorways, and character-filled units.
- Attractive resident amenities include a charming elevator, a large shared laundry room, master-metered for gas and electricity, and lush greenery.
- Surrounding area is filled with local shops, restaurants, bars, and nature by the proximity to the trails and grassy knolls of Griffith Park.
EXECUTIVE SUMMARY
Take advantage of the price and income improvement, great current cap rate, and a 5% rent increase coming in the next three months on several of the units.
Horton Hall, located at 2041 N Vermont Avenue, is an exquisite 32-unit residential income property in Los Angeles, California. This offering stands out with gorgeous French Normandie design and ornate architectural details. Located along Vermont, just below the hills of Los Feliz, the Griffith Observatory, and just blocks from Los Feliz Village, this location couldn’t be better.
The property features 32 units, consisting of six beautiful one-bedroom view units with French windows, a two-bedroom non-conforming "owner's" unit with a fireplace, and 24 charming singles, spaciously featuring separate kitchens, dining areas, and walk-in closets. Each unit has charming details, including arched doors and doorways, as well as beamed ceilings. The total building size is 22,582 square feet per assessor.
Los Feliz is a vibrant and exciting place to live, offering amazing cafes, restaurants, nightlife, world-famous architecture, and lots of hiking for outdoor enthusiasts. This homey residence is centrally located close to Silver Lake, Hollywood, and Downtown Los Angeles (DTLA).
Owning this incredible piece of history would be a once-in-a-lifetime opportunity. The seller will consider a partial trade. Almost always 100% occupied, the owner has indicated that there is consistently a waiting list to get into the building. Vacancies have historically been filled through word of mouth. The views, character, and charm of the units, elevator, large laundry room, and the current owner's maintenance record make this a most attractive building for tenants. Anticipated upside of the rents is approximately 35-40% of the current rents.
Please see the attached offering memorandum for more details, and visit the website, linked below, for interior photos. Contact Lane Aronson of Berkshire Hathaway HomeServices CA Properties by phone at (323) 671-1233 for any questions.
Horton Hall, located at 2041 N Vermont Avenue, is an exquisite 32-unit residential income property in Los Angeles, California. This offering stands out with gorgeous French Normandie design and ornate architectural details. Located along Vermont, just below the hills of Los Feliz, the Griffith Observatory, and just blocks from Los Feliz Village, this location couldn’t be better.
The property features 32 units, consisting of six beautiful one-bedroom view units with French windows, a two-bedroom non-conforming "owner's" unit with a fireplace, and 24 charming singles, spaciously featuring separate kitchens, dining areas, and walk-in closets. Each unit has charming details, including arched doors and doorways, as well as beamed ceilings. The total building size is 22,582 square feet per assessor.
Los Feliz is a vibrant and exciting place to live, offering amazing cafes, restaurants, nightlife, world-famous architecture, and lots of hiking for outdoor enthusiasts. This homey residence is centrally located close to Silver Lake, Hollywood, and Downtown Los Angeles (DTLA).
Owning this incredible piece of history would be a once-in-a-lifetime opportunity. The seller will consider a partial trade. Almost always 100% occupied, the owner has indicated that there is consistently a waiting list to get into the building. Vacancies have historically been filled through word of mouth. The views, character, and charm of the units, elevator, large laundry room, and the current owner's maintenance record make this a most attractive building for tenants. Anticipated upside of the rents is approximately 35-40% of the current rents.
Please see the attached offering memorandum for more details, and visit the website, linked below, for interior photos. Contact Lane Aronson of Berkshire Hathaway HomeServices CA Properties by phone at (323) 671-1233 for any questions.
SALE FLYER
PROPERTY FACTS
| Price | $8,995,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $281,094 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 5.15% | Building Size | 22,582 SF |
| Gross Rent Multiplier | 11.93 | Average Occupancy | 100% |
| No. Units | 32 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1928 |
| Property Subtype | Apartment | ||
| Zoning | LAR3 | ||
| Price | $8,995,000 |
| Price Per Unit | $281,094 |
| Sale Type | Investment |
| Cap Rate | 5.15% |
| Gross Rent Multiplier | 11.93 |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 22,582 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1928 |
| Zoning | LAR3 |
AMENITIES
UNIT AMENITIES
- Kitchen
- Oven
- Views
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 25 | - | 550 |
| 1+1 | 6 | - | 700 - 1,000 |
| 2+1 | 1 | - | - |
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Walk Score®
Very Walkable (86)
NEARBY AMENITIES
RESTAURANTS |
|||
|---|---|---|---|
| Cafe Presto & Wine Bar | Pizza | $$$ | 6 min walk |
| Yen Sushi & Sake Bar-Los Angeles | Sushi | $$ | 7 min walk |
| The Coffee Bean & Tea Leaf | - | - | 7 min walk |
| House Of Pies Restaurant & Bakery | Bakery | $ | 6 min walk |
| Blue Bottle Coffee | Cafe | $ | 8 min walk |
| Tropicalia Brazilian Grill | American | $$$ | 8 min walk |
| Starbucks | Cafe | $ | 8 min walk |
| Punchbowl | Smoothies | $$ | 8 min walk |
| Rocco's Italian Market & Deli | Sandwiches | $$$ | 9 min walk |
| Everytable | Soul Food | - | 10 min walk |
RETAIL |
||
|---|---|---|
| United States Postal Service | Business/Copy/Postal Services | 6 min walk |
| 7-Eleven | Convenience Market | 6 min walk |
| Massage Envy | Massage | 7 min walk |
| Health Mart Pharmacy | Drug Store | 7 min walk |
| Albertsons | Supermarket | 9 min walk |
| Bank of America | Bank | 10 min walk |
HOTELS |
|
|---|---|
| Kimpton |
216 rooms
5 min drive
|
| Hilton Garden Inn |
160 rooms
7 min drive
|
| Best Western |
82 rooms
7 min drive
|
| Hampton by Hilton |
112 rooms
7 min drive
|
PROPERTY TAXES
| Parcel Number | 5589-022-006 | Improvements Assessment | $1,208,517 |
| Land Assessment | $1,706,146 | Total Assessment | $2,914,663 |
PROPERTY TAXES
Parcel Number
5589-022-006
Land Assessment
$1,706,146
Improvements Assessment
$1,208,517
Total Assessment
$2,914,663
SALE ADVISOR
SALE ADVISOR
Lane Aronson, Broker-Associate
Over 35 years of marketing and selling Commercial, Residential Income investment properties and single-family dwellings. Vast knowledge of the Los Feliz/Silver Lake communities including the Los Feliz Home Owners Association, the Los Feliz Improvement Association and the surrounding neighborhoods of Hollywood, Silver Lake, Griffith Park and the Downtown areas of Los Angeles through mid-Wilshire and Korea Town. Numerous multi-million-dollar sales over the past several years. Previously handled numerous trust and probate sales for Great Western Bank in the early 1990's along with several trust listings for California Federal Bank here in the Los Feliz area. Currently handling probate and trust properties for several different attorneys throughout the Los Angeles and San Gabriel Valley areas. Over 30 years of negotiating multi-million-dollar sales.
Specializing in single family homes, commercial, multi-family, residential land development including mixed-use properties, industrial, and retail centers. Currently the Commercial/Investment Director at Berkshire Hathaway Home Services, Pasadena. Investment property specialist having sold over 150 multi-unit apartment buildings and commercial properties over the past 10 years. These sales included 2-to-59-unit apartment buildings, free standing commercial properties, retail strip centers, net-leased commercial developments, development land and industrial buildings. Heavy expertise in dealing with REO (lender-owned) properties, having been an REO specialist for Home Savings of America, Great Western Savings, Coast Federal Savings and Fidelity Federal here in the Los Angeles Area during the early 1990's. Knowledgeable of all City of Los Angeles retrofitting requirements, rent stabilization/rent control ordinances, including tenant and landlord's rights.
Specializing in single family homes, commercial, multi-family, residential land development including mixed-use properties, industrial, and retail centers. Currently the Commercial/Investment Director at Berkshire Hathaway Home Services, Pasadena. Investment property specialist having sold over 150 multi-unit apartment buildings and commercial properties over the past 10 years. These sales included 2-to-59-unit apartment buildings, free standing commercial properties, retail strip centers, net-leased commercial developments, development land and industrial buildings. Heavy expertise in dealing with REO (lender-owned) properties, having been an REO specialist for Home Savings of America, Great Western Savings, Coast Federal Savings and Fidelity Federal here in the Los Angeles Area during the early 1990's. Knowledgeable of all City of Los Angeles retrofitting requirements, rent stabilization/rent control ordinances, including tenant and landlord's rights.
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MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
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Horton Hall | 2041 N Vermont Ave
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