The subject property is an operating 10 unit building in the West Hollywood district. Gracewood Apartments is poised for rapid rent roll expansion both organically and through unit renovations. Current rents are below market rate with significant room for growth. Aggressive management will easily maximize the value of the asset through better operations and ingenuity. Each of the units feature new paint, new cabinetry, and tile floors. Another
feature of the asset is the recent installation of upgraded mini split air conditioning thereby removing the older less efficient window units. Gracewood Apartments also features a rarely available 1.8 per unit parking ratio.
West Hollywood was once forgotten however the City is placing new emphasis on area beautification. There are new parks including refurbishment of older sites that has been planned throughout the City, especially the western community. Hollywood was recently awarded a $6.8 Million Dollar grant from Broward County that will fund redevelopment of key corridors. A complete street improvement plan is currently taking place that will provide extensive bike lanes, decorative landscaped buffered sidewalks with flowing shade trees, benches, picnic areas, and much more. The goal is to create an environment that invites new commercial development and
provide a visually appealing thoroughfare for pedestrians, residents, and motorists alike. This investment is the first of it's kind in Broward County and it is meant to be the new standard as it relates to creating beautified major corridors.
