8570 Holloway Dr, West Hollywood, CA 90069
3 Unit Apartment Building Offered at $3,300,000 at a 1% Cap Rate in West Hollywood, CA 90069
For Sale
Active
24 pictures
Asking Price $3,300,000
- Property Type
-
Multifamily
- Square Feet
- 4,003 SF
Listing Contacts
Kenny Stevens
Max Berger
- Property Info
Property Overview
***$200,000 price reduction --- $650,000 reduction from originally listed price --- BRING ALL OFFERS*** 8570 Holloway Drive presents a unique and generational investment opportunity in the heart of West Hollywood, where prime location meets untapped potential. This charming triplex, situated one block south of the iconic Sunset Strip at the intersection of Sunset Blvd and La Cienega Blvd, offers investors a blank canvas with immense promise. Nestled on a 7,708 SF lot zoned R4B, 8570 Holloway currently comprises a front duplex and a vacant one-bedroom above the garages, presenting a unique opportunity for income generation while pursuing further development. The true allure of this property lies in its development potential. According to a BrickWork development report, the future owner can develop up to 8 units "by right" or 14 units by utilizing density bonus incentives. In addition, the existing front duplex presents the perfect win-win opportunity. It is well-maintained by current ownership, allowing the future owner to generate income while undergoing the planning and development process. The front duplex features (1) two-story 3-bdrm. and 2.5-bath unit and (1) two-story 2-bdrm. and 2.5-bath unit. Each charming residence features spacious living and dining rooms perfect for entertainment, skylights and wrap-around picture windows that allow for plenty of natural light, a shared deck overlooking a lush and well-landscaped backyard, and an office space. Please note, the front duplex may be delivered VACANT upon COE. 8570 Holloway is a rare find in the highly sought-after West Hollywood market. With its prime location, untapped potential, and iconic allure of West Hollywood, the property combines immediate income potential with the promise of substantial future gains through development.
Property Details
- Year Built
- 1939
- Stories
- 2
- Lot Size (sq. ft)
- 7,841 SF
- Units
- 3
Highlights
- $200,000 price reduction --- $650,000 reduction from originally listed price --- BRING ALL OFFERS
- Sunset Strip development opportunity located two blocks south of La Cienega Blvd. and Sunset Blvd.
- Develop up to 14 units by utilizing TOC density bonus incentives - please refer to the marketing package for more information (buyer to verify)
- Vacant triplex, consisting of a front duplex and a back one-bdrm. unit, on a 7,708 SF lot zoned R4B
- Front duplex features (1) 2-story 3-bdrm. and 2.5-bath unit and (1) 2-story 2-bdrm. and 2.5-bath unit
- Each residence features spacious living & dining rooms, skylights and wrap-around picture windows, an office space, and a shared deck
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