515 N Alfred St
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
515 N Alfred St
18 Unit Block of Flats £5,216,326 (£289,796/Unit) 4.22% Net Initial Yield West Hollywood, CA 90048
Investment Highlights
- First Time for Sale in Over 50 Years!
- 18 Unit Apartment Building
- Large Units Averaging Over 1,000 SF- Priced Attractively At $359/SF
- Prime West Hollywood Location - Just Steps Away from Shopping, Dining and Entertainment on Melrose Ave and Santa Monica Blvd
- Excellent Unit Mix Consisting of Mostly 2 Bedroom Units
- Significant Upside in Rents (Over 40% Upside)
Executive Summary
The Sterman Multi-Family Group of Marcus & Millichap is pleased to present 515 N Alfred St, a rare 18-unit apartment building in the heart of West Hollywood, a highly desirable area in Los Angeles, California. Built in 1961, the property consists of (4) one-bedroom + one-bathroom units, (13) two-bedroom + two-bathroom units, and (1) unique owner’s penthouse, with three-bedrooms + 2 bathrooms, and breathtaking views. Located on a charming, tree-lined street, the building is 18,254 gross square feet
and sits on a 15,919-square-foot lot.
Residents enjoy unparalleled access to world-class dining, retail shops, and entertainment along the renowned Sunset Strip and Santa Monica Blvd, with Beverly Hills and Hollywood just minutes away. This prime location ensures excellent connectivity via La Cienega Blvd and Santa Monica Blvd, offering both lifestyle and convenience.
The building’s resort-style layout offers an inviting atmosphere, perfect for tenants seeking a luxurious living experience. With lovely, responsible tenants in place and easy maintenance features, this property promises a hassle-free investment. It presents a value-add investment opportunity, offering a 4.22% initial CAP rate with the potential to achieve 7.04% once units turnover. Don’t miss your chance to own a piece of this thriving community where culture and sophistication meet.
***Unit 209 was occupied by the Seller through an Owner Occupancy Eviction around May 2017. This unit will be delivered Vacant at close of escrow. Please contact agent for details regarding Owner Occupancy Evictions in the City of West Hollywood.
and sits on a 15,919-square-foot lot.
Residents enjoy unparalleled access to world-class dining, retail shops, and entertainment along the renowned Sunset Strip and Santa Monica Blvd, with Beverly Hills and Hollywood just minutes away. This prime location ensures excellent connectivity via La Cienega Blvd and Santa Monica Blvd, offering both lifestyle and convenience.
The building’s resort-style layout offers an inviting atmosphere, perfect for tenants seeking a luxurious living experience. With lovely, responsible tenants in place and easy maintenance features, this property promises a hassle-free investment. It presents a value-add investment opportunity, offering a 4.22% initial CAP rate with the potential to achieve 7.04% once units turnover. Don’t miss your chance to own a piece of this thriving community where culture and sophistication meet.
***Unit 209 was occupied by the Seller through an Owner Occupancy Eviction around May 2017. This unit will be delivered Vacant at close of escrow. Please contact agent for details regarding Owner Occupancy Evictions in the City of West Hollywood.
Property Facts
| Price | £5,216,326 | Apartment Style | Low Rise |
| Price Per Unit | £289,796 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.37 AC |
| Net Initial Yield | 4.22% | Building Size | 18,524 SF |
| Gross Rent Multiplier | 13.87 | Number of Floors | 2 |
| No. Units | 18 | Year Built | 1961 |
| Property Type | Residential | Parking Ratio | 1.46/1,000 SF |
| Property Subtype | Apartment |
| Price | £5,216,326 |
| Price Per Unit | £289,796 |
| Sale Type | Investment |
| Net Initial Yield | 4.22% |
| Gross Rent Multiplier | 13.87 |
| No. Units | 18 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.37 AC |
| Building Size | 18,524 SF |
| Number of Floors | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.46/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+2 | 13 | - | - |
| 3+2 | 1 | - | - |
1 of 1
Walk Score ®
Walker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 5528-018-046 | Improvements Assessment | £450,619 |
| Land Assessment | £149,687 | Total Assessment | £600,306 |
PROPERTY TAXES
Parcel Number
5528-018-046
Land Assessment
£149,687
Improvements Assessment
£450,619
Total Assessment
£600,306
zoning
| Zoning Code | WDR3C |
| WDR3C |
-
Michael Sterman -
Marcus & Millichap
1 of 10
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
515 N Alfred St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.