Description
1433 North Detroit Street is a 7-unit apartment building located in Hollywood one block west of N La Brea Ave off Sunset Blvd. A highly walkable location with access to entertainment, shopping, dining, nightlife, and employment opportunities. Built in 1954, this value-add investment presents the investor an opportunity to achieve market rents for four of seven units immediately at the close of escrow as the property will be delivered with four vacancies (one one-bedroom and three two-bedrooms); three of the vacancies have already undergone renovations. The subject property is being offered at a 4.83% current cap rate and a 12.38 GRM on current income; the property will be delivered with minimal deferred maintenance required.There are six parking spaces at the rear of the property with a gated, secure entrance. There is community laundry with a washer and dryer on-site, currently leased by the ownership. This exclusive pocket of Hollywood remains one of the most desirable addresses for both living and working. With the median household income continuing to rise and average home value of over $1 million within three miles, the demand for apartment units increases year-over-year exemplified with surrounding new residential and office developments as well as major employers established in the submarket.
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10BEDS
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0.16ACRES
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0BATHS
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01/2 BATHS
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4,941SQFT
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$415$/SQFT
School Ratings & Info
Description
1433 North Detroit Street is a 7-unit apartment building located in Hollywood one block west of N La Brea Ave off Sunset Blvd. A highly walkable location with access to entertainment, shopping, dining, nightlife, and employment opportunities. Built in 1954, this value-add investment presents the investor an opportunity to achieve market rents for four of seven units immediately at the close of escrow as the property will be delivered with four vacancies (one one-bedroom and three two-bedrooms); three of the vacancies have already undergone renovations. The subject property is being offered at a 4.83% current cap rate and a 12.38 GRM on current income; the property will be delivered with minimal deferred maintenance required.There are six parking spaces at the rear of the property with a gated, secure entrance. There is community laundry with a washer and dryer on-site, currently leased by the ownership. This exclusive pocket of Hollywood remains one of the most desirable addresses for both living and working. With the median household income continuing to rise and average home value of over $1 million within three miles, the demand for apartment units increases year-over-year exemplified with surrounding new residential and office developments as well as major employers established in the submarket.
Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-04-18T09:42:18.713. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.