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7506 Norton Ave
West Hollywood, CA 90046
6.17% CAP | Bungalow-Style | Private Garages · Multifamily Property For Sale
·
6 Units
Investment Highlights
- Attractive 6.17% Current CAP Rate with Significant, Proven Rent Upside
- Desirable Bungalow-Style Units, Several of Which Have Been Substantially Upgraded
- Five Private Garages to Provide Additional Revenue Stream and Improve Rentability
- Outstanding West Hollywood Location – Walking Distance to Whole Foods Market, Trader Joe’s, Plummer Park
- Prime Value-Add Opportunity – Current Rents Approximately 45% Below Market
- No Seismic Retrofit Required (Buyer to Verify)
Executive Summary
Marcus & Millichap is pleased to announce the opportunity to purchase 7506-7510 Norton Avenue, a six-unit multifamily property located in the desirable city of West Hollywood, CA. Available for an attractive 6.17% CAP Rate and 11.27 GRM, a new investor can benefit both from the property’s strong immediate cash flow and from its substantial rent upside. With multiple apartments in the building already achieving rents of $3,000 per month, eventually bringing the remaining units to that rent level represents a potential 45% increase in revenue.
According to recent reports from Niche.com, West Hollywood ranked #1 out of 111 neighborhoods in Los Angeles County among the Best Suburbs for Young Professionals, and ranked #2 in the entire state of California. With 80% of the West Hollywood population residing in rental housing, these semi-private one-bedroom bungalows are extremely attractive to this demographic, helping to boost both demand and rental rates.
The property has earned a Walk Score of 93, which qualifies the immediate neighborhood as a “Walker’s Paradise.” Residents enjoy convenient access to the nearby Whole Foods Market, Trader Joe’s, and Plummer Park. Within a short driving distance are The Grove, Beverly Hills, the Sunset Strip, Runyan Canyon, and numerous other destinations in both the Hollywood and West Hollywood areas
According to recent reports from Niche.com, West Hollywood ranked #1 out of 111 neighborhoods in Los Angeles County among the Best Suburbs for Young Professionals, and ranked #2 in the entire state of California. With 80% of the West Hollywood population residing in rental housing, these semi-private one-bedroom bungalows are extremely attractive to this demographic, helping to boost both demand and rental rates.
The property has earned a Walk Score of 93, which qualifies the immediate neighborhood as a “Walker’s Paradise.” Residents enjoy convenient access to the nearby Whole Foods Market, Trader Joe’s, and Plummer Park. Within a short driving distance are The Grove, Beverly Hills, the Sunset Strip, Runyan Canyon, and numerous other destinations in both the Hollywood and West Hollywood areas
Property Facts
| Price Per Unit | $310,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 6.17% | Building Size | 3,006 SF |
| Gross Rent Multiplier | 11.27 | No. Stories | 1 |
| No. Units | 6 | Year Built | 1924 |
| Property Type | Multifamily | Parking Ratio | 1.88/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | WDR2* | ||
| Price Per Unit | $310,833 |
| Sale Type | Investment |
| Cap Rate | 6.17% |
| Gross Rent Multiplier | 11.27 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 3,006 SF |
| No. Stories | 1 |
| Year Built | 1924 |
| Parking Ratio | 1.88/1,000 SF |
| Zoning | WDR2* |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,885 | 444 |
Property Taxes
| Parcel Number | 5530-010-011 | Improvements Assessment | $286,110 |
| Land Assessment | $1,352,520 | Total Assessment | $1,638,630 |
Property Taxes
Parcel Number
5530-010-011
Land Assessment
$1,352,520
Improvements Assessment
$286,110
Total Assessment
$1,638,630
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