Low Cost /Unit | Potential Seller Financing | 6857 Franklin Ave
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Low Cost /Unit | Potential Seller Financing 6857 Franklin Ave
27 Unit Block of Flats £2,745,435 (£101,683/Unit) Los Angeles, CA 90028
Investment Highlights
- Potential for Seller Financing
- 12,161 SF of improvements on a 13,470 SF corner parcel, zoned LAR4.
- Value Opportunity through unit attrition, operational efficiencies, building upgrades, RUBS and/or a short-term rental model.
- Currently operated as 25 units - Cert of Occupancy, LADBS, 9a Report and Zimas show 27 Units (buyer to verify)
- Unit composition of Singles, Bachelors and One Bed units
- Parking for 16 vehicles
Executive Summary
6857 Franklin Avenue, is a 27-Unit (operated as 25 units)(Buyer to Verify) apartment community located in the center of Hollywood. The property is being offered for sale for the first time in more than 25 years. This 27-unit apartment community is located in the Hollywood Hills area and is a short distance from Runyan Canyon hiking trails, the Hollywood Bowl and Hollywood & Highland.
UNIT COMPOSITION:
6857 Franklin Avenue features a unit composition consisting of Eleven (11) Studios, Eight (8) Bachelors, One(1) One Bed | Two Bath and Five(5) One Bedroom | One Bath apartment units. 6857 Franklin Avenue consists of 27 units per Cert of Occupancy, LADBS, 9a Report and Zimas. Current ownership operates the property as 25 units by combining units 15 and 17 (now unit 17) and unit 1 was eliminated and converted to storage.
SELLER FINANCING POTENTIALITY– Contact exclusive listing agents for details.
BUILDING DATA: 6857 Franklin Avenue boasts 12,161 SF of improvements on a 13,470 SF corner parcel, zoned LAR4. There is ample parking for approx. 16 vehicles.
VALUE OPPORTUNITY: 6857 Franklin Avenue provides a unique value opportunity for the astute operator by the creation of add’l revenue streams, Increasing current rents upon unit attrition, operational efficiencies, building upgrades, RUBS and/or a short-term rental model.
ADU POTENTIALITY: The potential exists to create approx. 2-4 ADU’s by converting several storage areas and/or unused spaces (Buyer to verify).
UTILITY METERING: Gas and electrical utilities are separately metered for Eight(8) units facing Franklin Avenue and master metered for the Seventeen(17) units facing Hillcrest Road. Potential exists to implement RUBS to offset both electrical/gas master metering.
POTENTIAL DEVELOPMENT: LAR4 Zoning with 13,470 SF parcel The potential exists to building approx. 33 units given the R4 zoning (Buyer to verify).
UNIT COMPOSITION:
6857 Franklin Avenue features a unit composition consisting of Eleven (11) Studios, Eight (8) Bachelors, One(1) One Bed | Two Bath and Five(5) One Bedroom | One Bath apartment units. 6857 Franklin Avenue consists of 27 units per Cert of Occupancy, LADBS, 9a Report and Zimas. Current ownership operates the property as 25 units by combining units 15 and 17 (now unit 17) and unit 1 was eliminated and converted to storage.
SELLER FINANCING POTENTIALITY– Contact exclusive listing agents for details.
BUILDING DATA: 6857 Franklin Avenue boasts 12,161 SF of improvements on a 13,470 SF corner parcel, zoned LAR4. There is ample parking for approx. 16 vehicles.
VALUE OPPORTUNITY: 6857 Franklin Avenue provides a unique value opportunity for the astute operator by the creation of add’l revenue streams, Increasing current rents upon unit attrition, operational efficiencies, building upgrades, RUBS and/or a short-term rental model.
ADU POTENTIALITY: The potential exists to create approx. 2-4 ADU’s by converting several storage areas and/or unused spaces (Buyer to verify).
UTILITY METERING: Gas and electrical utilities are separately metered for Eight(8) units facing Franklin Avenue and master metered for the Seventeen(17) units facing Hillcrest Road. Potential exists to implement RUBS to offset both electrical/gas master metering.
POTENTIAL DEVELOPMENT: LAR4 Zoning with 13,470 SF parcel The potential exists to building approx. 33 units given the R4 zoning (Buyer to verify).
Property Facts
| Price | £2,745,435 | Apartment Style | Low Rise |
| Price Per Unit | £101,683 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Sale Conditions | Deferred Maintenance | Building Size | 23,922 SF |
| No. Units | 27 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1920 |
| Property Subtype | Apartment |
| Price | £2,745,435 |
| Price Per Unit | £101,683 |
| Sale Type | Investment |
| Sale Conditions | Deferred Maintenance |
| No. Units | 27 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 23,922 SF |
| Number of Floors | 2 |
| Year Built | 1920 |
Site Amenities
- Property Manager on Site
- Recycling
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Walk Score ®
Walker's Paradise (98)
PROPERTY TAXES
| Parcel Number | 5549-018-026 | Improvements Assessment | £322,945 |
| Land Assessment | £309,438 | Total Assessment | £632,383 |
PROPERTY TAXES
Parcel Number
5549-018-026
Land Assessment
£309,438
Improvements Assessment
£322,945
Total Assessment
£632,383
zoning
| Zoning Code | LAR4 |
| LAR4 |
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Low Cost /Unit | Potential Seller Financing | 6857 Franklin Ave
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