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$11,400,000
Est. payment /mo
47 Beds
43 Baths
27,640 SqFt
UPDATED:
11/13/2024 10:45 PM
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 27,640 sqft
Price per Sqft $412
MLS Listing ID 24-367427
Bedrooms 47
Year Built 1989
Lot Size 0.268 Acres
Acres 0.2684
Property Description
We are pleased to present 1215 N Sycamore Ave, a 28-unit value-add multifamily investment opportunity located in LA's ultra-prime Sycamore District of Hollywood, LA Proper. Situated just north of Santa Monica Blvd and east of La Brea Ave, the property is adjacent to what the LA Times calls LA's coolest new neighborhood. It boasts a WalkScore of 95 (Walker's Paradise) and is located 0.8 miles from the B Line (formerly the Red Line) Metro station. Built in 1989 and exempt from Los Angeles Rent Control, the property is comprised of 28 units with an exceptional mix of 68% 2-bedroom units, including 15 (2+2), 4 (2+1), and 9 (1+1) units, averaging approximately 987 gross square feet each. The 27,640-square-foot building stands on an 11,688-square-foot lot zoned LARD1.5-1XL. All units feature a balcony or patio and large windows that allow for ample natural light, full kitchens with built-in ovens, dishwashers, refrigerators, and microwaves, providing modern comfort. Some units offer views of Hollywood, West Hollywood, and the LA Basin, and include stainless-steel appliances, high-quality wood cabinets, laminated wood floors, and decorative fireplaces, adding a touch of elegance to select units. The property features a gated entry, a garden, a courtyard/patio, on-site laundry, and ample subterranean parking with more than 1 space per bedroom, allowing for at least 3 visitor parking spaces. Comprehensive security features include security cameras, an intercom system, and secure gated covered subterranean parking. The building also offers central air conditioning/heating, elevator access to all levels, and is separately metered for gas and electricity. Boasting an outstanding Walk Score of 95, 1215 N Sycamore Ave is at the center of Hollywood's most dynamic submarket, just a few blocks north of the Sycamore District, The Lot at Formosa, and Showtime Studios. It is 2 blocks away from the West Hollywood Gateway, which features retail shopping including Target, Best Buy, CVS, Ulta, Mendocino Farms, & Starbucks, and is located near one of the hottest members-only concept fitness clubs HEIMAT. Adding to an already bustling neighborhood, CIM Group acquired 1.6 acres of land with plans to develop the tallest building in West Hollywood called 1000 La Brea. The towering 34-story building will feature 514 apartments on its upper floors and would include approximately 30,000 square feet of commercial space, dedicated to a grocery store. Other elements of the project include parking for 674 vehicles and 393 bicycles. This exceptional location offers residents unmatched access to career centers, educational institutions, restaurants, nightlife, shopping, and recreation (1 mile north to Runyon Canyon), all within one of the most walkable and high-demand locations in Southern California. Conveniently located just one block north of CA-2, 0.8 miles from the B Line Metro station, and 1.8 miles from the CA 101 freeway, the property ensures easy access to the city's extensive transit network and LA attractions. Ideally positioned in the heart of the Sycamore District, this well-maintained asset offers significant rental upside (30%+ rental upside) in a dynamic, thriving, and centrally located submarket. It presents an astute investor with the potential to add significant value, appreciation, and strong returns, supported by high tenant demand for a quality living experience in one of Los Angeles's most dynamic neighborhoods in the Western United States.
Location
State CA
County Los Angeles
Area Hollywood
Zoning LARD1.5
Rooms
Other Rooms None
Interior
Heating Central
Cooling Central, Ceiling Fan
Equipment Microwave, Dishwasher, Range/Oven, Refrigerator
Laundry Community, Laundry Area
Exterior
Parking Features Garage
Garage Spaces 49.0
Building
Story 4
Level or Stories Three Or More
Others
Special Listing Condition Standard
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Listed by Keller Williams Realty Los Feliz
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