5741 Virginia Ave, Los Angeles, CA 90038
21 Unit Apartment Building | $4,546,000 ($216,476/Unit) | 5.94% Cap Rate | Los Angeles, CA 90038
For Sale
Active
Asking Price $4,546,000
- Property Type
-
Multifamily
- Square Feet
- 11,599 SF
Listing Contacts
Rick Raymundo
- Property Info
Property Overview
Marcus & Millichap is pleased to announce the opportunity to purchase 5741 Virginia Avenue, a 21-unit multifamily property located in the Hollywood district of Los Angeles, CA. Available at only a 10.99 GRM based on current income and merely $216,476 per unit, the asset is priced attractively for a new investor.
The current owner has thoroughly remodeled several units, while the exterior paint, landscaping, and driveway gate have all been recently updated. Select interiors have been upgraded with granite countertops, stainless steel appliances, wood flooring, new cabinets, and remodeled bathrooms. A new investor can enjoy strong cash flow free from any costly seismic retrofit repairs, as those have all been completed and filed with the city (Buyer to verify).
Located near Sunset Boulevard, the property provides tenants with convenient access to several Hollywood destinations as well as the rest of the Los Angeles metro, via the nearby 101 Freeway. The exclusive Hancock Park neighborhood is only a few blocks southwest, while Koreatown and the Hollywood Walk of Fame are both nearby as well. The new 14-story ICON office tower, primarily leased to Netflix, was recently completed at the nearby Sunset Bronson Studios, while additional new construction is scheduled for Sunset Gower Studios, just one mile from the property. There, a joint venture between Hudson Pacific Properties and The Blackstone Group will be expanding the studio and office space, adding 620,000 square feet to the studio campus.
The property is just north of Paramount Studios, the Hollywood Forever Cemetery, and Melrose Hill. The Melrose Hill neighborhood was recently named Los Angeles’ Hottest Culinary Boom Town by Eater Los Angeles. Several exciting dining options have recently debuted in the immediate area, including Etra, Kuya Lord, Ggiata, Café Telegrama, and Le Coupe. Tenants can look forward to even more culinary options in the near future, as Little Fish, Bar Etoile, and Holy Basil are slated to open as well.
The current owner has thoroughly remodeled several units, while the exterior paint, landscaping, and driveway gate have all been recently updated. Select interiors have been upgraded with granite countertops, stainless steel appliances, wood flooring, new cabinets, and remodeled bathrooms. A new investor can enjoy strong cash flow free from any costly seismic retrofit repairs, as those have all been completed and filed with the city (Buyer to verify).
Located near Sunset Boulevard, the property provides tenants with convenient access to several Hollywood destinations as well as the rest of the Los Angeles metro, via the nearby 101 Freeway. The exclusive Hancock Park neighborhood is only a few blocks southwest, while Koreatown and the Hollywood Walk of Fame are both nearby as well. The new 14-story ICON office tower, primarily leased to Netflix, was recently completed at the nearby Sunset Bronson Studios, while additional new construction is scheduled for Sunset Gower Studios, just one mile from the property. There, a joint venture between Hudson Pacific Properties and The Blackstone Group will be expanding the studio and office space, adding 620,000 square feet to the studio campus.
The property is just north of Paramount Studios, the Hollywood Forever Cemetery, and Melrose Hill. The Melrose Hill neighborhood was recently named Los Angeles’ Hottest Culinary Boom Town by Eater Los Angeles. Several exciting dining options have recently debuted in the immediate area, including Etra, Kuya Lord, Ggiata, Café Telegrama, and Le Coupe. Tenants can look forward to even more culinary options in the near future, as Little Fish, Bar Etoile, and Holy Basil are slated to open as well.
Property Details
- Class
- C
- Year Built
- 1967
- Stories
- 2
- Lot Size (sq. ft)
- 14,810 SF
- Units
- 21
Highlights
- Attractively Priced at a Current 10.99 GRM and Only $216,476 per Unit
- All Seismic Retrofit Repairs Completed (Buyer to Verify)
- Select Units Upgraded with Wood Flooring, Granite Countertops, New Cabinets, Stainless Steel Appliances, and Remodeled Bathrooms
- Excellent Hollywood Rental Market -- Adjacent to Hancock Park, Melrose Hill, and Koreatown
- Recently Improved Exterior Landscaping, Fence, and Driveway Gate
- Blocks from New Netflix ICON Tower at Sunset Bronson Studios
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