Property listed by Mike Marcu, Broker, Mike Marcu 949 688 1224
$7,250,000
The Mogharebi Group is pleased to present the exclusive offering of 1757 N Kingsley Drive, a 27-unit multifamily investment opportunity strategically located at the intersection of Hollywood, Los Feliz and East Hollywood. The property is offered at $7,250,000 and consists of approximately 13,168 rentable square feet on a 0.42-acre lot.… Read More Built in 1968, the property features a desirable unit mix heavily weighted toward one-bedroom apartments.
The unit mix consists of 20 one-bedroom/one-bath units, six studios and one two-bedroom/one-bath unit. The property is well maintained and partially renovated, with select interiors featuring quartz countertops, stainless steel appliances, designer backsplashes, laminate/hardwood flooring, double-pane windows and modern finishes. The property's earthquake/seismic retrofit has been completed, providing a significant capital improvement for the next owner. Community amenities include a swimming pool and spa, outdoor BBQ/picnic area, controlled-access entry, on-site laundry and 27 parking spaces, providing a 1:1 parking ratio.
At the asking price, the offering reflects a 5.63% current/pro forma capitalization rate with approximately 9.8% loss-to-lease, providing an investor with meaningful potential to increase NOI as rents are recaptured. The property was reported at 100% occupancy in the offering financials.
The location provides excellent access to the Hollywood/Western Metro station, the 101 and 5 Freeways and major employment and entertainment centers. Nearby employers and institutions include Netflix, Paramount, CBS, Capitol Records, Sunset Bronson Studios, KTLA and LA DWP, while Target, Ralphs, Starbucks, Chase Bank and other daily amenities are within the surrounding walkable neighborhood.
1757 N Kingsley Drive offers investors the opportunity to acquire a well-located Hollywood multifamily asset combining existing cash flow, rental upside, completed seismic improvements, a strong unit mix and long-term investment fundamentals in one of Los Angeles' most established rental submarkets. Read Less
Listing Snapshot
Days Online
55
Last Updated
Property Type
Apartment
Lot Size
0.42 Acres
Year Built
1968
MLS Number
OC26184407
Additional Details
Property Access
Road Surface: Paved
Building
Built in 1968, 1 building, 2 stories, Entry level: 1, Entry location: 1
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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