Callie on Curson
20 Unit Apartment Building | $7,650,000 ($382,500/Unit) | 5.54% Cap Rate | West Hollywood, CA 90046
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $7,650,000
- Property Type
-
Multifamily
- Square Feet
- 17,124 SF
Listing Contacts
Kevin Green
Verified Profile
Joseph Grabiec
Verified Profile
- Property Info
Property Overview
Institutional Property Advisors (“IPA”), as the exclusive listing agent, is pleased to present the opportunity to acquire Callie on Curson (the “Property”), a 20-unit multifamily community located in the heart of Hollywood.
Originally constructed in 1961, current ownership has spent $1.3M on capital expenditures to completely transform the property. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
12 of the 20 unit interiors (60%) 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 (select units). Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 8 units (40%) and capture 15%+ 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 1961, current ownership has spent $1.3M on capital expenditures to completely transform the property. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
12 of the 20 unit interiors (60%) 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 (select units). Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 8 units (40%) and capture 15%+ 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
- C
- Year Built
- 1961
- Stories
- 2
- Lot Size (sq. ft)
- 14,375 SF
- Units
- 20
Highlights
- Offering this Property concurrently with the 5-property, 92-unit Vive LA Portfolio of assets.
- Value-Add Opportunity: Offers investors a proven interior renovation scope to emulate and capture 15%+ 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.
- Hollywood is a Superb Submarket: Hollywood is one of the strongest submarkets in the region for multifamily investment.
- Strong Recent Leasing: The Property has achieved $2,850 on renovated one-bedrooms and $3,500 on renovated two-bedrooms.
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FAQ
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