1000 Serrano Ave, Los Angeles, CA 90029
24 Unit Apartment Building | $3,900,000 ($162,500/Unit) | 6.75% Cap Rate | Los Angeles, CA 90029
For Sale
Active
7 pictures
Asking Price $3,900,000
- Property Type
-
Multifamily
- Square Feet
- 13,716 SF
Listing Contacts
Kenny Stevens
Max Berger
Property Overview
Kenny Stevens Team is pleased to present 1000 N. Serrano, a 13,716 SF 3-story complex featuring (24) 1-bdrm. units. The property is offered at 6.75% CAP and 8.63 GRM on current rents, $162,500 per unit, and $284 per foot. There is approx. 52% rental upside compared to renovated units in the area. This value-add opportunity will stabilize at a 12.53% CAP and 5.68 GRM at projected market rents. 1000 N. Serrano is located minutes from the heart of Hollywood. Located just south of Santa Monica Blvd, the property is near several large-scale production studios such as Sunset Gower Studios, Paramount Studios, Netflix, an array of retailers, cafes, and restaurants along Sunset Blvd. In addition, 1000 N. Serrano is 1 mile south of the Hollywood/Western Metro Red Line Station, and is close to several major thoroughfares including Sunset Blvd, Hollywood Blvd, and the 101 Freeway. Property amenities include gated entry and a community laundry room. 1000 N. Serrano can be purchased individually or as part of a 5-property portfolio in Melrose Hill and Westlake. Please get in touch with Max Berger for more information - (818) 321-4972.
Property Details
- Class
- C
- Year Built/Renovated
- 1923/1945
- Stories
- 3
- Lot Size (sq. ft)
- 5,663 SF
- Units
- 24
Highlights
- Located just south of Santa Monica Blvd, the property is 1 mile from Hollywood/Western Metro and close to several large-scale production studios
- Offered at 6.75% CAP and 8.63 GRM on current rents, $162,500 per unit, and $284 per foot.
- 13,716 SF 3-story complex features (24) 1-bdrm. units on a 5,445 SF lot. Please note, there is a VACANT unit.
- 52% rental upside compared to renovated units in the area - property will stabilize at a 12.53% CAP and 5.68 GRM at projected market rents
- Can be purchased individually or as part of a 5-property portfolio in Melrose Hill and Westlake. Please contact Max Berger for more information.
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