8450 De Longpre Ave, West Hollywood, CA 90069
18 Unit Apartment Building | $6,750,000 ($375,000/Unit) | 4.78% Cap Rate | West Hollywood, CA 90069
For Sale
Active
Asking Price $6,750,000
- Property Type
-
Multifamily
- Square Feet
- 21,884 SF
Listing Contacts
Kevin Green
Joseph Grabiec
- Property Info
Property Overview
Institutional Property Advisors (“IPA”), as the exclusive listing agent, is pleased to present the opportunity to acquire Dean on De Longpre an 18-unit multifamily community respectively located just steps from the Sunset Strip in the affluent West Hollywood submarket.
Originally constructed in 1953, current ownership has spent $1.05M on capital expenditures at the Property to completely transform the properties. Many of the Properties mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
5 of the 18 unit interiors (28%) have been extensively renovated, including new cabinetry, new stainless-steel appliances, plank vinyl flooring, quartz countertops, backsplash, new dual-pane windows, recessed LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 13 units (72%) and capture 51%+ upside in rental income.
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TOURS AVAILABLE UPON REQUEST
IPA is offering this Property as part of the 5-property, 92 unit Vive LA² Portfolio of assets. Properties may be purchased on an individual, multi-property, or complete portfolio basis. Property tours are available during the following time slots on the following dates upon request.
All tour requests must be scheduled by contacting either Kevin Green ([email protected]) or Joe Grabiec ([email protected]) to reserve and confirm your spot.
Tour Dates:
Wednesday, July 17th
Tuesday, July 23rd
Time Slots by Property Available on Tour Dates:
Ethan on Evans; 22 Units; 3804 Evans St W (Silver Lake) 9:00am to 9:30am
Callie on Curson; 20 Units; 1300-1308 N Curson Ave (Hollywood) 10:00am to 10:30am
Sage on Sweetzer; 16 Units; 1265 N Sweetzer Ave (West Hollywood) 10:45 to 11:15am
Dean on DeLongpre; 18 Units; 8450 DeLongpre Ave (West Hollywood) 11:15am to 11:45am
Beau on Bundy; 16 Units; 1231 S Bundy Dr (West LA) 12:30pm to 1:00pm
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Originally constructed in 1953, current ownership has spent $1.05M on capital expenditures at the Property to completely transform the properties. Many of the Properties mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
5 of the 18 unit interiors (28%) have been extensively renovated, including new cabinetry, new stainless-steel appliances, plank vinyl flooring, quartz countertops, backsplash, new dual-pane windows, recessed LED lighting fixtures, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 13 units (72%) and capture 51%+ upside in rental income.
-----------------------------------------
TOURS AVAILABLE UPON REQUEST
IPA is offering this Property as part of the 5-property, 92 unit Vive LA² Portfolio of assets. Properties may be purchased on an individual, multi-property, or complete portfolio basis. Property tours are available during the following time slots on the following dates upon request.
All tour requests must be scheduled by contacting either Kevin Green ([email protected]) or Joe Grabiec ([email protected]) to reserve and confirm your spot.
Tour Dates:
Wednesday, July 17th
Tuesday, July 23rd
Time Slots by Property Available on Tour Dates:
Ethan on Evans; 22 Units; 3804 Evans St W (Silver Lake) 9:00am to 9:30am
Callie on Curson; 20 Units; 1300-1308 N Curson Ave (Hollywood) 10:00am to 10:30am
Sage on Sweetzer; 16 Units; 1265 N Sweetzer Ave (West Hollywood) 10:45 to 11:15am
Dean on DeLongpre; 18 Units; 8450 DeLongpre Ave (West Hollywood) 11:15am to 11:45am
Beau on Bundy; 16 Units; 1231 S Bundy Dr (West LA) 12:30pm to 1:00pm
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Property Details
- Class
- B
- Year Built
- 1953
- Stories
- 2
- Lot Size (sq. ft)
- 14,810 SF
- Units
- 18
Highlights
- Offering these Properties concurrently with the 5-property, 92-unit Vive LA Portfolio of assets.
- A Compelling Value-Add Opportunity: Offers investors a proven interior renovation scope to emulate and capture 51%+ in remaining rental income upside
- With most of the mechanical systems & deferred maintenance needs addressed, investors can focus on high return on investment interior renov.
- West Hollywood is a Superb Submarket: West Hollywood boasts some of the strongest demographics in the region for multifamily investment.
- The Properties have achieved $3,275 on renovated one bedroom units, $4,199 on renovated two bedroom units, and $4,359 on renovated 2 bed townhomes
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