Constructed in 1929, the building features four stories of apartments surrounding a large entry courtyard. Apartment interiors have preserved the building's original charm, as evident by the exposed brick interior walls, large windows, hardwood flooring, and wall sconce lighting. A new investor can take advantage of attractive assumable financing as they attempt to capitalize on the approximately 24% rent upside in addition to possibly adding an ADU for an even greater financial return. Situated near the corner of Sunset Boulevard and Highland Avenue, the property is only one block from the epicenter of some of the region's largest development projects. Crossroads Hollywood is a proposed $1 billion project that would feature 190,000 square feet of commercial space along with a hotel, studio space, production stages, and a large residential component. The project site is on Sunset Boulevard, just one block north of 6731 Leland Way. Also in the development pipeline is the $500 million CMNTY Culture Campus, housing a 500,000 square foot mix of office, studio, retail, and restaurant space in addition to a live performance venue, all located at the corner of Sunset Boulevard and Highland Avenue. Hollywood ranks #5 out of 112 Los Angeles Metro neighborhoods when it comes to the ideal locations for young professionals. This, coupled with the fact that only 13% of Hollywood residents are families with children, means that there is a large renter pool willing to pay market rents for single-resident apartments. In fact, 93% of the entire Hollywood population resides in rental housing, keeping demand strong and limiting vacancies in the area. After the recent expansion of several studios and production campuses and the general "re-opening" of Hollywood, demand for rental housing within the immediate area has continued to rise. Despite being insulated on a relatively quiet street, the location grants tenants convenient access to all of the entertainment, shopping, and dining for which Hollywood is known. Within one-half mile of the property are the revamped Ovation Hollywood shopping mall (formerly, Hollywood & Highland), The Dome Entertainment Centre, El Capitan Theatre, and The Egyptian Theatre, as well as Target, Walgreens, and dozens of restaurants, clubs, and bars. Residents also enjoy access to the Hollywood/Highland Metro Station, just three blocks north of the property.
Courtesy of Marcus & Millichap, Roderick ''Rick'' Raymundo,
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Canyonhaus shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2023 Combined L.A./Westside MLS. All rights reserved.
Data last updated 3/23/23