5535 Carlton Way
Los Angeles, CA 90028
The Carlton Apartments · Multifamily Property For Sale · 36 Units

Kidder Mathews, as exclusive agent, is pleased to present The Carlton Apartments, a 36-unit modernized apartment community in the heart of Hollywood’s studio district.
THE ASSET
The Carlton Apartments is a substantially renovated 36-unit apartment community consisting of 1 studio, 32 spacious One Bedroom/One Bath units, and 3 Two Bedroom/One Bath units. The property features an updated facade, refreshed common areas, large private gym, and furnished back patio delivering exceptional curb appeal and an elevated living experience. Residents also benefit from contemporary interior upgrades in select units, a beautifully landscaped central courtyard, and abundant 34 parking spaces in a gated subterranean garage with elevator access to all floors.
The property presents the opportunity to acquire a prominently located and renovated Hollywood asset, with an attractive going-in cap rate of 6.90% and a low GRM of 9.05. While the building has undergone significant improvements, a combination of post-COVID operational challenges and elevated leasing competition has limited current ownership’s ability to fully capitalize on market rents. As a result, there remains notable upside—approximately 13% in rental income achievable through strategic unit turnover and renovation.
THE NEIGHBORHOOD
Hollywood has undergone a major development boom in recent years, bringing new energy and investment to the neighborhood. While this surge initially pressured rents, most new deliveries have now been absorbed. Today, the pipeline is supply-constrained: only one major project is slated to deliver through Q3 2027, and construction starts within a one-mile radius have effectively stalled—just 42 units in 2024 and zero year-to-date in 2025, compared to a 10-year average of 479 units annually. This sharp slowdown, combined with strong renter demand, positions The Carton Apartments for meaningful near-term rent growth.
Strategically situated less than a block away from the Hollywood/Western Metro station and only a 10-minute walk to Netflix, the subject property offers exceptional accessibility in Hollywood’s vibrant studio district. Residents benefit from close proximity to major entertainment industry employers including Paramount Studios, Sunset Gower Studios, Viacom, and Technicolor. The neighborhood’s appeal is further enhanced by an abundance of trendy restaurants, popular cafes, grocery stores, and vibrant nightlife options. With an impressive Walk Score in the 90s, the property provides residents with an ideal balance of urban convenience and lifestyle amenities, ensuring continued desirability among young professionals and families alike.