10 Units on Beachwood - 5.7% In Place Cap | 1140 N Beachwood Dr
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10 Units on Beachwood - 5.7% In Place Cap 1140 N Beachwood Dr
10 Unit Block of Flats £1,642,274 (£164,227/Unit) 5.79% Net Initial Yield Los Angeles, CA 90038
Investment Highlights
- 10 Units in the Heart of Hollywood - Mix of Studio, 1 and 2 bed units - Aggressively Priced at $2,049,000
- New Townhomes Across Street Renting for $6,750 Per Unit & $1.5 Million Townhomes for Sale Next Door
- Prime Value-Add Opportunity with Excellent Fundamentals, Priced Well Below Replacement Cost
- 90 Walk Score - Situated just South of the World Famous Sunset Boulevard
- 5.8% Cap and 12.1 GRM w/ Vacant Unit Re-Rented on Day 1 - 8.2% Cap and 9.1GRM Proforma
- Echelon Studios to Bring 610,000 SF of Creative Office & Production Studios Less Than 1 Mile Away on Santa Monica Boulevard
Executive Summary
The Brody Group of Marcus & Millichap is very pleased to exclusively offer for sale 1140 North Beachwood Drive, a 10 unit apartment building situated in the Heart of Hollywood offered at $2,049,000, which is a 5.8% cap once the vacant unit is remodeled and re-leased. Priced well below replacement cost at $204,900 per unit, 1140 N. Beachwood is an excellent income producing value-add opportunity for a new or experienced multi-family investor looking to pick up ten apartment units in an established and high demand rental pocket. Located between Santa Monica and Sunset Boulevard, the property features 6 parking spaces at the rear, is separately metered for gas and electric, and does not require seismic retrofitting. Boasting a 90 Walk Score, 1140 N. Beachwood is walking distance to many shops and restaurants, and there is a great deal of new development happening all around the property. Directly next door, high end new construction townhomes that sell for nearly $1.5 million each, plus new mixed use and office construction going up on Santa Monica Boulevard. Echelon Studios, going in at 5601 Santa Monica Boulevard just a half a mile away from the property will bring hundreds of jobs and 610,000 square feet of creative office and production studios to the area. Netflix, Sunset Gower Studios and Sunset Bronson Studios are also just walking distance from the property just to the North on Sunset. With more than 30% income upside potential and excellent fundamentals, 1140 N. Bronson is an excellent multi-family property with a great price and huge appreciation potential. One unit to be delivered vacant, ready to be remodeled and re-leased at top market rent! Rare opportunity to purchase 10 units in prime Hollywood with a going in 5.8% cap with significant income upside potential to a 8.2% proforma return! New construction townhomes across the street are renting for $6,750 per unit - this is an amazing opportunity to purchase 10 units in an extremely strong rental market!
Property Facts
Price | £1,642,274 | Apartment Style | Low Rise |
Price Per Unit | £164,227 | Building Class | C |
Sale Type | Investment | Lot Size | 0.15 AC |
Net Initial Yield | 5.79% | Building Size | 6,752 SF |
Sale Conditions | 1031 Exchange | Number of Floors | 2 |
Gross Rent Multiplier | 12.1 | Year Built | 1956 |
No. Units | 10 | Parking Ratio | 0.89/1,000 SF |
Property Type | Residential | Opportunity Zone |
Yes
|
Property Subtype | Apartment |
Price | £1,642,274 |
Price Per Unit | £164,227 |
Sale Type | Investment |
Net Initial Yield | 5.79% |
Sale Conditions | 1031 Exchange |
Gross Rent Multiplier | 12.1 |
No. Units | 10 |
Property Type | Residential |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.15 AC |
Building Size | 6,752 SF |
Number of Floors | 2 |
Year Built | 1956 |
Parking Ratio | 0.89/1,000 SF |
Opportunity Zone |
Yes |
Unit Amenities
- Ceiling Fans
- Tile Floors
- Kitchen
- Wooden Floors
- Refrigerator
- Range
Site Amenities
- Laundry Facilities
- Bicycle Storage
Unit Mix Information
Description | No. Units | Avg. Rent.Mo | SF |
---|---|---|---|
Studios | 8 | - | - |
1+1 | 2 | - | - |
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Walk Score ®
Very Walkable (89)
Bike Score ®
Very Bikeable (77)
PROPERTY TAXES
Parcel Number | 5534-014-019 | Improvements Assessment | £662,935 |
Land Assessment | £983,979 | Total Assessment | £1,646,914 |
PROPERTY TAXES
Parcel Number
5534-014-019
Land Assessment
£983,979
Improvements Assessment
£662,935
Total Assessment
£1,646,914
zoning
Zoning Code | LAR3 |
LAR3 |
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10 Units on Beachwood - 5.7% In Place Cap | 1140 N Beachwood Dr
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