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917-919 N Ardmore Ave 10 Unit Apartment Building $2,000,000 ($200,000/Unit) 6.41% Cap Rate Los Angeles, CA 90029
INVESTMENT HIGHLIGHTS
- Current rents reflect a 25% loss-to-lease allowing a new owner to capture additional upside as units turn
- The large lot provides 9 parking spaces and the potential add additional units via SB 1211
- Subject property sits on a very large 9,050 sf lot zoned LAR3-1
- Property boasts a great unit mix consisting of (8) large Studio, 1 Bath and (9) 1 Bed, 1 Bath townhome units spread out over 5,666 sf
EXECUTIVE SUMMARY
Recent Price Adjustment! We are pleased to present 917 N. Ardmore Avenue, a 10-unit multifamily investment opportunity located in the heart of Hollywood, ideally situated between Melrose Avenue and Santa Monica Boulevard. Built in 1959, the property offers an excellent unit mix comprising one (1) studio and nine (9) one-bedroom, one-bathroom units, totaling approximately 5,666 square feet of rentable space. The building is situated on a generous 9,050 square foot lot zoned LAR3, providing significant development potential. The units are distributed across two separate structures with ample on-site open parking. With nearly 25% rental upside, this offering presents a compelling value-add opportunity. A new owner can capitalize on below-market rents as units turn, while also exploring the potential to add additional units on the spacious R3-zoned lot. Priced at 10.03 times gross rent, attractive new acquisition financing is available. Please contact the listing agents for further details.
PROPERTY FACTS
| Price | $2,000,000 | Apartment Style | Low-Rise |
| Price Per Unit | $200,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 6.41% | Building Size | 5,656 SF |
| Gross Rent Multiplier | 10.03 | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.76/1,000 SF |
| Zoning | R3, Los Angeles - LAR3 | ||
| Price | $2,000,000 |
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 6.41% |
| Gross Rent Multiplier | 10.03 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 5,656 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1959 |
| Parking Ratio | 1.76/1,000 SF |
| Zoning | R3, Los Angeles - LAR3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Refrigerator
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Public Transportation
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 400 |
| 1+1 | 7 | - | 584 |
| 2+1 | 1 | - | 1,000 |
| 3+1 | 1 | - | 1,200 |
1 1
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 5537-024-017 | Improvements Assessment | $577,876 |
| Land Assessment | $434,490 | Total Assessment | $1,012,366 |
PROPERTY TAXES
Parcel Number
5537-024-017
Land Assessment
$434,490
Improvements Assessment
$577,876
Total Assessment
$1,012,366
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917-919 N Ardmore Ave
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