1116 Gower St, Los Angeles, CA 90038
3 Unit Apartment Building | $1,595,000 ($531,667/Unit) | Los Angeles, CA 90038
For Sale
Active
4 pictures
Asking Price $1,595,000
- Property Type
-
Multifamily
- Square Feet
- 2,040 SF
Listing Contacts
David Ghermezian
Jonathan Dadourian
Property Overview
Newmark is pleased to present the opportunity to acquire 1116 N Gower Street, Los Angeles CA 90038, in Hollywood, CA (hereafter the “Property”, “Project”). The property contains an approximately 2,040 SF two story 3 unit apartment building on approximately 6,500 SF of land, zoned R3. The property is located just north of the intersection of Santa Monica Boulevard and Gower Street in the southern part of Hollywood. The existing building at the property will be delivered vacant at close of escrow. The property is also located in an Opportunity Zone which can provide tax incentives
1116 N Gower Street is an attractive opportunity for an investor or developer looking to purchase in the Hollywood market
while being located in an Opportunity Zone.
- Vacant two story 3-unit apartment building approximately 2,040 SF (per County Assessor) with two 2-bedroom units and one 1-bedroom unit.
- Repositioning Opportunity: Renovate existing apartment building and add ADUs at the rear of the property.
- Development Opportunity: Ample land area to develop a new multi-family apartment building on the entire site
- Demand for housing in Hollywood is very high, and apartment rents are strong within the sub-market
- The property is located in an Opportunity Zone providing tax incentives and deferred capital gains if the proper amount of capital is invested into the property.
- Located in a Tier 2 zone of the Transit Oriented Community program (“TOC”) provides FAR and Unit Density bonuses by providing some affordable apartment units
- New State Affordable Housing bonus law allows for a 100% density bonus by providing 30% of thebase units as affordable housing (15% very low income units, and 15% moderate units)
- Located in Hollywood Community Plan Update (“HCPU”) which when signed into law, may provide further FAR and Unit Density bonuses
1116 N Gower Street is an attractive opportunity for an investor or developer looking to purchase in the Hollywood market
while being located in an Opportunity Zone.
- Vacant two story 3-unit apartment building approximately 2,040 SF (per County Assessor) with two 2-bedroom units and one 1-bedroom unit.
- Repositioning Opportunity: Renovate existing apartment building and add ADUs at the rear of the property.
- Development Opportunity: Ample land area to develop a new multi-family apartment building on the entire site
- Demand for housing in Hollywood is very high, and apartment rents are strong within the sub-market
- The property is located in an Opportunity Zone providing tax incentives and deferred capital gains if the proper amount of capital is invested into the property.
- Located in a Tier 2 zone of the Transit Oriented Community program (“TOC”) provides FAR and Unit Density bonuses by providing some affordable apartment units
- New State Affordable Housing bonus law allows for a 100% density bonus by providing 30% of thebase units as affordable housing (15% very low income units, and 15% moderate units)
- Located in Hollywood Community Plan Update (“HCPU”) which when signed into law, may provide further FAR and Unit Density bonuses
Property Details
- Class
- C
- Year Built
- 1921
- Stories
- 2
- Lot Size (sq. ft)
- 6,534 SF
- Units
- 3
Highlights
- Vacant two story 3-unit apartment building approximately 2,040 SF (per County Assessor) with two 2-bedroom units and one 1-bedroom unit.
- Repositioning Opportunity: Renovate existing apartment building and add ADUs at the rear of the property.
- Development Opportunity: Ample land area to develop a new multi-family apartment building on the entire site.
- Demand for housing in Hollywood is very high, and apartment rents are strong within the sub-market.
- The property is located in an Opportunity Zone providing tax incentives and deferred capital gains.
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