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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
- Landmark Los Feliz 31 Unit Apartment Building
- Great Current Cap Rate
- Recent Price Improvement
EXECUTIVE SUMMARY
PRICE IMPROVEMENT, INCOME IMPROVMENT, GREAT CURRENT CAP RATE AND A 5% RENT INCREASE COMING IN THE NEXT 3 MONTHS ON SEVERAL OF THE UNITS.
REVISED OM ATTACHED.
This exquisite 32-unit residential income property 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 6 beautiful (1 bedroom, view units with French windows)a 2 bedroom non-conforming, "owner's" unit with a fireplace and 24 charming singles (separate kitchens, dining areas and walk-in closets, which gives them more of a spacious feel). Each unit has charming details offering arched doors and doorways and beamed ceilings. The total building size is 22,582 square feet per assessor. Los Feliz is a vibrant and exciting place to live with amazing cafes, restaurants, nightlife, world famous architecture and lots of hiking for outdoor enthusiasts. Centrally located close to Silver Lake, Hollywood and Downtown LA. Owning this incredible piece of history would be a once in a lifetime opportunity! 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 current rents. ***SEE ATTACHED OFFERING MEMO FOR DETAILS.***
OWNER WILL CONSIDER A PARTIAL TRADE FOR A SMALLER, POSSIBLE 6-10 UNIT BUILDING.
VISIT THE WEBSITE FOR SOME INTERIOR PHOTOS: https://www.cribflyer.com/2041-n-vermont-ave-
REVISED OM ATTACHED.
This exquisite 32-unit residential income property 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 6 beautiful (1 bedroom, view units with French windows)a 2 bedroom non-conforming, "owner's" unit with a fireplace and 24 charming singles (separate kitchens, dining areas and walk-in closets, which gives them more of a spacious feel). Each unit has charming details offering arched doors and doorways and beamed ceilings. The total building size is 22,582 square feet per assessor. Los Feliz is a vibrant and exciting place to live with amazing cafes, restaurants, nightlife, world famous architecture and lots of hiking for outdoor enthusiasts. Centrally located close to Silver Lake, Hollywood and Downtown LA. Owning this incredible piece of history would be a once in a lifetime opportunity! 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 current rents. ***SEE ATTACHED OFFERING MEMO FOR DETAILS.***
OWNER WILL CONSIDER A PARTIAL TRADE FOR A SMALLER, POSSIBLE 6-10 UNIT BUILDING.
VISIT THE WEBSITE FOR SOME INTERIOR PHOTOS: https://www.cribflyer.com/2041-n-vermont-ave-
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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Horton Hall | 2041 N Vermont Ave
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