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    4332 Lockwood Avenue

    Hollywood, CA 90029
    • $2,400,000
    • STATUS: Active
    • ON SITE: 39 days
    • ID#: SR20161866
    UPDATED: 55 min ago
    $2,400,000
    • 0
      BEDS
    • 0.21
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 5,360
      SQFT
    • $448
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1924
    County:

    School Ratings & Info

    Description

    4332 Lockwood Avenue is a 10-unit courtyard style apartment community located in a densely populated rental submarket known for excellent rent growth and low vacancy rates. The asset has NOT undergone a meaningful renovation. Similar renovated One Bedroom units in the immediate area achieve rental rates upwards of $3.50 per square foot vs. $1.17 per square foot being collected currently, thus providing approx. a 200% increase in rental potential as units become vacant. This is a true value-add opportunity that is located within a newly establishedQualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z. The new section 1400Z allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timelyinvested in a Qualified Opportunity Fund (QOF) which, in turn, must invest 90 percent of its assets in businesses located or property used in designated communities. The location is +/- 1/2 mile from Silver Lakes Sunset Junction and provides easy access to numerous entertainment venues such as Intelligentsia, Mohawk General Store, Cafe Stella, Forage, Squirl and Twig & Twine. Travel west to endless dining and shoppingoptions in Hollywood and within minutes, a short drive puts you in DTLA and Echo Park.

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    Based on information from CRISNet MLS as of 2020-09-19T13:56:14.49. 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.

    The information being provided by the CSMAR MLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties the visitor may be interested in purchasing. The data contained herein is copyrighted by CSMAR or one of CSMAR's datashare partners, and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the CSMAR MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

    Based on information from the i-Tech MLS as of 2020-09-19T13:56:14.49. 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.
    www.randyplaice.com/homes/108748335
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    4332 Lockwood Avenue Hollywood, CA 90029

    • Price: $2,400,000
    • Status: Active
    • Updated: 55 min ago
    • ID#: SR20161866
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.21
    Acres
    5,360
    SQFT
    $448
    $/SQFT
    1924
    Built
    Neighborhood:
    C20 - Hollywood
    County:
    Los Angeles
    Area:
    C20 - Hollywood
    Property Description
    4332 Lockwood Avenue is a 10-unit courtyard style apartment community located in a densely populated rental submarket known for excellent rent growth and low vacancy rates. The asset has NOT undergone a meaningful renovation. Similar renovated One Bedroom units in the immediate area achieve rental rates upwards of $3.50 per square foot vs. $1.17 per square foot being collected currently, thus providing approx. a 200% increase in rental potential as units become vacant. This is a true value-add opportunity that is located within a newly establishedQualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z. The new section 1400Z allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timelyinvested in a Qualified Opportunity Fund (QOF) which, in turn, must invest 90 percent of its assets in businesses located or property used in designated communities. The location is +/- 1/2 mile from Silver Lakes Sunset Junction and provides easy access to numerous entertainment venues such as Intelligentsia, Mohawk General Store, Cafe Stella, Forage, Squirl and Twig & Twine. Travel west to endless dining and shoppingoptions in Hollywood and within minutes, a short drive puts you in DTLA and Echo Park.
    Exterior Features

    Lot Features Lot 6500-9999 Lot Size Area 9299.0000 Parking Total 0.00

    Interior Features

    Common Walls 2+ Common Walls Laundry Features None Laundry YN No

    Property Features

    Additional Parcels YN No Community Features CurbsSidewalksUrban Electric Expense 0.00 Fuel Expense 0.00 Gross Income 74508.00 Gross Scheduled Income 74508.00 Insurance Expense 2948.00 Land Lease YN No Net Operating Income 24714.00 New Construction YN No New Taxes Expense 28800.00 Number Of Separate Electric Meters 10 Number Of Separate Gas Meters 10 Number Of Separate Water Meters 1 Operating Expense 49794.00 Pool Features None Pool Private YN No Professional Management Expense 3726.00 Property Attached YN Yes Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Expenses 49794.00 Trash Expense 0.00 Water Sewer Expense 7000.00 Water Source Public Zoning Lard1.5

    Listing provided courtesy of Michael Tootikian, CA DRE# 00802699, of Keller Williams Encino-Sherman Oaks.


    Based on information from CRISNet MLS as of 2020-09-19T13:56:14.49. 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.

    The information being provided by the CSMAR MLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties the visitor may be interested in purchasing. The data contained herein is copyrighted by CSMAR or one of CSMAR's datashare partners, and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the CSMAR MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

    Based on information from the i-Tech MLS as of 2020-09-19T13:56:14.49. 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.
     
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    Randy Plaice and Associates | RE/MAX
    27720 Dickason Drive
    Valencia CA, 91355