Description

Seller finally says Sell! Over a $1M price reduction ! 5.25 cap with significant upside and room to convert the recreation rooms into two ADU's. Trophy Value Add Muti-family Investment opportunity in a Prime Hollywood Hills area of Los Angeles, CA.This Property has been in same family for over 40 years. Rents are 35 % below market ! The Market Cap Rate is over 8% with a 9 x GRM. Property has an inviting lobby - large pool- elevator - room to add multiple ADU's , a gym and a roof top deck. The property was built in 1965 but completely renovated in the 1980s. Units have central A/C . Walk score is 94. Premiere hiking trails nearby as well as Hollywood and Sunset Blvd eateries and shops.This is an amazing rental area -one of the most trendy, desirable and walkable neighborhoods in LA.Metro line is only a 15 min walk away and centrally located with Easy access to 101 freeway , Downtown and the San Fernando Valley. There is a tremendous amount of development and job availability in the immediate area.Netflix, Sunset Gower Studios, Nickelodeon, Capital Records within a 10 min drive. This property is surrounded by condos and an astute buyer can take this property to the next level with some cosmetic upgrades.

Property details

Bedrooms

62

Bathrooms

72

Square feet

42,399

Year built

1965

Property type

Residential Income

Lot size

27,129 sqft

Location

1617 N Fuller Avenue • Los Angeles, CA 90046

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Listed by

Alex Galuz · Keller Williams Realty Calabasas

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Closed sales reported in 90046, nearest first, last 12 months. All recent sales in Los Angeles →

62-Bedroom Residential Income - 1617 N Fuller Avenue, Los Angeles, CA