6.75% CAP w/ Real Expenses & 52% Upside | 1000 N Serrano Ave
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6.75% CAP w/ Real Expenses & 52% Upside 1000 N Serrano Ave
24 Unit Block of Flats £3,125,850 (£130,244/Unit) 6.75% Net Initial Yield Los Angeles, CA 90029
Investment Highlights
- Located just south of Santa Monica Blvd, the property is 1 mile from Hollywood/Western Metro and close to several large-scale production studios
- 13,716 SF 3-story complex features (24) 1-bdrm. units on a 5,445 SF lot. Please note, there is a VACANT unit.
- Can be purchased individually or as part of a 5-property portfolio in Melrose Hill and Westlake. Please contact Max Berger for more information.
- Offered at 6.75% CAP and 8.63 GRM on current rents, $162,500 per unit, and $284 per foot.
- 52% rental upside compared to renovated units in the area - property will stabilize at a 12.53% CAP and 5.68 GRM at projected market rents
Executive Summary
Kenny Stevens Team is pleased to present 1000 N. Serrano, a 13,716 SF 3-story complex featuring (24) 1-bdrm. units. The property is offered at 6.75% CAP and 8.63 GRM on current rents, $162,500 per unit, and $284 per foot. There is approx. 52% rental upside compared to renovated units in the area. This value-add opportunity will stabilize at a 12.53% CAP and 5.68 GRM at projected market rents. 1000 N. Serrano is located minutes from the heart of Hollywood. Located just south of Santa Monica Blvd, the property is near several large-scale production studios such as Sunset Gower Studios, Paramount Studios, Netflix, an array of retailers, cafes, and restaurants along Sunset Blvd. In addition, 1000 N. Serrano is 1 mile south of the Hollywood/Western Metro Red Line Station, and is close to several major thoroughfares including Sunset Blvd, Hollywood Blvd, and the 101 Freeway. Property amenities include gated entry and a community laundry room. 1000 N. Serrano can be purchased individually or as part of a 5-property portfolio in Melrose Hill and Westlake. Please get in touch with Max Berger for more information - (818) 321-4972.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts In Escrow
| Price | £3,125,850 | Apartment Style | Low Rise |
| Price Per Unit | £130,244 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Net Initial Yield | 6.75% | Building Size | 13,716 SF |
| Gross Rent Multiplier | 8.63 | Average Occupancy | 96% |
| No. Units | 24 | Number of Floors | 3 |
| Property Type | Residential | Year Built/Renovated | 1923/1945 |
| Property Subtype | Apartment |
| Price | £3,125,850 |
| Price Per Unit | £130,244 |
| Sale Type | Investment |
| Net Initial Yield | 6.75% |
| Gross Rent Multiplier | 8.63 |
| No. Units | 24 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 13,716 SF |
| Average Occupancy | 96% |
| Number of Floors | 3 |
| Year Built/Renovated | 1923/1945 |
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Views
- Pantry
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Gated
- Vintage Building
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 24 | £1,323 | - |
Walk Score ®
Walker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 5536-026-003 | Total Assessment | £3,155,603 (2024) |
| Land Assessment | £1,893,363 (2024) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £1,262,241 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5536-026-003
Land Assessment
£1,893,363 (2024)
Improvements Assessment
£1,262,241 (2024)
Total Assessment
£3,155,603 (2024)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023
zoning
| Zoning Code | RD1.5, Los Angeles (Neighborhood Commercial) |
| RD1.5, Los Angeles (Neighborhood Commercial) |
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6.75% CAP w/ Real Expenses & 52% Upside | 1000 N Serrano Ave
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