972 North El Centro Avenue is a 12 unit apartment building, located in the heart of Los Angeles' Hollywood neighborhood. As one of Los Angeles’ densely populated neighborhoods, this sub-market's popularity has grown significantly over the recent years, with vibrant and
lively nightlife scene and trendy retail and coffee shops in the immediate area. With new ground-up development in the immediate gentrifying area, the location has been catering to families, young professionals and hipsters alike in recent years. The location of the asset is also considered a “Walkers Paradise” with a 91 Walk Score and situated a short distance from highly desirable dining and entertainment options.
The charming 1924 building, consists of twelve (12) one-bedroom/one-bathroom units and is conveniently separately metered for gas and electric. The corner-lot property has been well-maintained throughout and with three units being delivered vacant, new ownership will have the opportunity to renovate and achieve additional rental premiums immediately. Due to its 1924 construction, the property is subject to Los Angeles rent control statutes.
972 El Centro Avenue is offered on the market for the first time in 38 years. This is a true value-add opportunity for an investor to acquire with significant rental upside in one of the nation’s most desirable and thriving neighborhoods.
