969 Larrabee - Marquee Sunset Strip w/ 50% Upside
The Dantas Group of Peak Commercial, as exclusive listing agents, is please to present the opportunity to acquire this excellently located Sunset Strip Marquee apartment building. The property has been under managed for over 30 years and the upside in the rents to market is 50%. Currently can be delivered with three 1+1 vacancies. This property can bloom into a high return on the investment with some TLC and a value add management style. 16 units zoned WDR4, 19 new units can be built there using the 35% density bonus, buyer to perform due. Parking for all units, onsite laundry, pool, and walking distance to all major West Hollywood lifestyle attractions make this offering an irreplaceable asset.
Wikipedia: West Hollywood, occasionally referred to locally as WeHo, is a city in Los Angeles County, California, United States. Incorporated in 1984, it is home to the Sunset Strip. As of the 2010 census, its population was 34,399. It is considered one of the most prominent gay villages in the United States. West Hollywood is bounded by the city of Beverly Hills on the west, and on other sides by neighborhoods of the city of Los Angeles: Hollywood Hills on the north, Hollywood on the east, the Fairfax District on the southeast, and Beverly Grove on the southwest. The city's irregular boundary is featured in its logo; it was largely formed from the unincorporated Los Angeles County area that had not become part of the surrounding cities.
West Hollywood benefits from a very dense, compact urban form with small lots, mixed land use, and a walkable street grid. According to Walkscore, a website that ranks cities based on walkability, West Hollywood is the most walkable city in California with a Walkscore of 90.
Commercial corridors include the nightlife and dining focused on the Sunset Strip, along Santa Monica Boulevard, and the Avenues of Art & Design...
