$1,595,000
PENDING $100K PRICE DROP

Estimated payment $10,328/month

Total Views 2,146
8 Beds
6 Baths
4,550 Sq Ft
$351 Price per Sq Ft

Highlights

  • Built-In Features
  • 4 Detached Carport Spaces
  • Ceiling Fan

About This Home

Introducing an exceptional investment opportunity in the heart of Hollywood! This well maintained corner 6-unit building is perfectly positioned in a prime location, between Santa Monica Blvd and Melrose Ave, close to Paramount Studios. This property offers the ultimate in urban convenience, providing easy access to the city's vibrant lifestyle and amenities.The building boasts a diverse mix of units, featuring 4 one-bedroom and 2 two-bedroom apartments, complemented by 5 dedicated parking spaces and an in-house laundry facility. Several units have already been tastefully updated, ensuring a modern living experience for tenants. The attractive Gross Rent Multiplier (GRM) and cap rate make this property an ideal candidate for a 1031 exchange. Enjoy the benefits of consistent rental income and potential appreciation over the years. Alternatively, the lot presents outstanding development potential, offering a canvas for visionary projects. Strategically located within the Hollywood Community Plan and designated as a Transit Oriented Community Tier 2, this property is within half a mile of a major transit stop. This prime positioning allows for additional square footage in new developments, with a Floor Area Ratio (FAR) of 3:1. The current building entrance on Waring offers a potential total square footage of 9,152 sqft, while relocating the entrance to Hudson could expand this to an impressive 13,038 sqft. With an assumed exit price of $900 per sqft for condo living space, the potential exit value could reach $11,735,000. This estimate does not account for further additional square footage opportunities afforded by TOC Tier 2 and Transit Corridor eligibility, presenting even greater potential for savvy investors. Please note that this information is based on research from Zimas.lacity.org, city offices, and conversations with city employees, and is provided as an opinion only with no implied guarantee of accuracy. Interested parties are encouraged to conduct their own research with trusted professionals. For those interested in exploring this opportunity further, detailed information is available upon request. Please be advised that interior access is granted with an accepted offer only, and we kindly ask that you do not disturb the tenants. Thank you for your understanding and cooperation. Buyer to co-operate with Sellers' 1031 exchange at no cost to Buyer.

Listing Agent

Clemens Mandell

Coldwell Banker Realty License #01412604 Listed on: 04/22/2025

Coldwell Banker Realty

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1950

Interior Spaces

  • 4,550 Sq Ft Home
  • 2-Story Property
  • Built-In Features
  • Ceiling Fan
  • Oven or Range

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 6 Bathrooms

Laundry

  • Dryer
  • Washer

Parking

  • 1 Open Parking Space
  • 5 Parking Spaces
  • 4 Detached Carport Spaces

Additional Features

  • 7,482 Sq Ft Lot
  • Heating System Mounted To A Wall or Window

Community Details

  • 6 Units
  • Low-Rise Condominium

Listing and Financial Details

  • Assessor Parcel Number 5533-036-001

Property Details

Home Type

Multi-Family

Year Built

Built in 1950

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Style: Low Rise
  • Levels: Two
  • Street Number Display: Yes
  • Living Area: 4550
  • Lot Acreage: 0.1718
  • Stories: 2
  • Year Built: 1950
  • Number Of Photos: 13
  • State Abbrv: CA
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Bedrooms: 8
  • Total Bathrooms: 6.00
  • Equipment: Ceiling Fan, Dryer, Washer, Range/Oven, Built-Ins
  • Price Per S Q F T: 350.55

Exterior Features

  • Other Structures: Other
  • View: No

Garage/Parking

  • Carport Spaces: 4
  • Other Spaces: 1
  • Parking Garage: Carport Detached
  • Total Parking: 5

Utilities

  • Heating: Wall

Lot Info

  • Assessed Improvement Percent: 50.28
  • Assessed Improvement Value: 474885
  • Assessed Land Percent: 49.72
  • Assessed Land Value: 469653
  • Total Assessed Value: 944538
  • Assessor Parcel Number: 5533-036-001
  • Lot Size Area: 7482

Multi Family

  • Unit Type: 2106, 2107
  • Gross Rent Multiplier: 12.00
  • Number Of Units: 6
  • Total Annual Expense: 37549
  • Type Of Units: Apartments
  • Vacancy Rate: 0

Map

Range of Values:

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Average Value
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
08/06/2025 08/06/25 Pending -- -- --
06/07/2025 06/07/25 Price Changed $1,595,000 -5.9% $351 / Sq Ft
04/22/2025 04/22/25 For Sale $1,695,000 -- $373 / Sq Ft
Source: The MLS

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Source: The MLS

MLS Number: 25528303

The MLS