Property
Beds
85
Full Baths
None
1/2 Baths
None
Year Built
1962
Sq.Footage
65,746
On the market for the first time in over 55 years, this presents a once-in-a-generation opportunity to acquire a substantial asset in one of the premier neighborhoods in Southern California. Located just three blocks from the famed intersection of Hollywood Boulevard and Highland Avenue, the property allows its residents convenient access to all of the most famous destinations in Hollywood.Although the property has been well-maintained throughout its ownership, it still presents an excellent opportunity for a new owner to upgrade and reposition the asset in order to improve future cash flow. Approximately 70% of the plumbing has been replaced with copper pipes, tankless water heaters have been installed, and the roof has been covered with a white roof coating. However, unit interiors still feature carpet and tile flooring, tile countertops, white appliances, and dated bathrooms, allowing a new owner an open slate to enhance the apartments and achieve higher rents.Because current ownership positioned the property as a lower-cost option for students at the several nearby schools, the pandemics effect on those schools has resulted in an unusual number of vacancies.
Features & Amenities
Interior
-
Total Bedrooms
85
Area & Lot
-
Lot Size(acres)
0.8659
-
Property Type
Residential Income
Exterior
-
Garage
No
Financial
-
Sales Price
$22,500,000
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Location
County
Los Angeles
Elementary School
Middle School
High School
Listing Courtesy of Roderick 'Rick' Raymundo , Marcus & Millichap
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