Property listed by Mark Konopaske, Mark Konopaske 213-220-9800
$4,095,000
The Grace Apartments is an outstanding investment with huge upside potential. 1918 N Grace Ave sits in an A+ north-of-Hollywood Boulevard enclave, where premier lifestyle amenities and consistent rental demand converge. The gated property comprises 18 one-bedroom units, offered at $227,500 per unit, with an in-place 5.6% cap rate and… Read More upside to approximately 10.5%. The building features an authentic Hollywood-cool architectural presence, abundant natural light, and curated exterior artwork by Keene Visions, reinforcing its creative appeal and neighborhood character.Positioned moments from the Hollywood Bowl, Franklin Village, major film and television studios, and a deep roster of dining and entertainment destinations, the asset consistently attracts young professionals and creative-industry tenants. Additional highlights include 10 gated on-site parking spaces and a Walk Score of 96,placing the property among the most walkable residential locations in Los Angeles.From an operational standpoint, the property offers immediate income growth. Eight of the 18 units have been renovated, with select units featuring in-unit laundry,supporting meaningful rent premiums. For investors evaluating subsidized rental strategies, HACLA payment standards in the desirable 90068 zip code reach up to$2,805 for a one-bedroom. Even at a conservative $2,595 pro forma rent, the property reflects approximately 50% rental upside. Long-term residents further enhance stability while providing a predictable path to incremental rent growth as units naturally turn. The expansive 10,399 sq. ft. R4 lot, combined with open yard areas and elevated topography, creates the potential to add up to eight detached ADUs with panoramic city views. This unlocks multiple value-add strategies, from yield enhancement through additional rental units to longer-term redevelopment potential. 1918 N Grace Ave delivers a rare combination of character, cash flow, rental upside, and expansion potential in one of Hollywood's most coveted sub-markets. Few multifamily opportunities offer this level of existing income, built-in growth, and long-term flexibility making it an exceptional acquisition for both yield-focused buyers and strategic investors seeking a flagship asset in core Hollywood's premier 90068 pocket. This 18-unit Hollywood apartment building in an A+ north-of-the-Boulevard location (96 walk score) on a 10,399 SF lot, featuring spacious one-bedroom units with city views. Strong in-place valuation at $227k/unit and a 5.6% Cap Rate and 11.2 GRM, with upside to a 10.5% Cap Rate Significant value-add potential with room for eight detached ADUs to further boost long-term revenue and overall return Read Less
Listing Snapshot
Days Online
7
Last Updated
Beds
18
3/4 Baths
18
Square Ft.
10,588
Lot Size
0.24 Acres
Year Built
1910
MLS Number
26862371
Additional Details
Appliances & Equipment
Refrigerator
Building
Built in 1910, Living area: 10588.0, 1 building, Building faces West, 3 stories, Levels: MultiSplit, Entry location: Foyer, Construction Materials: Frame, Stucco
Community
Gated
Accessibility Features
None
Exterior Features
Patio/Porch Features: None
Fireplaces
Bath, Gas, Kitchen, LivingRoom
Floors
Wood
Foundation
ConcretePerimeter, Slab
Heating
WallFurnace
Income
Gross Income: $364,840, Gross ScheduledIncome: $364,840, Net Operating Income: $227,628
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. 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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