719 N Kingsley Drive, Los Angeles, CA 90029

About this property

Nine unit value-add property in East Hollywood offering a solid current CAP rate with the opportunity for substantial rental upside. Located just north of Melrose Ave. (between Normandie and Western), 719 N. Kinglsey is centrally located to several neighborhood thoroughfares filled with an array of independent businesses, a city college (LACC) and large Hollywood employers (Children's Hospital LA, Hollywood Presbyterian, Sunset Gower Studios). The property is comprised of (1) three-bdrm. and one-and-a-half bath unit, (2) 2-bdrm. units and (6) 1-bdrm. units. Each uni is individually metered for gas and electricity. This value-add opportunity currently generates approx. $12,200+ in gross monthly income with the opportunity for 58% upside in rents, based on renovated units in the area. We anticipate the future owner coud generate approx. $19,200+ in gross monthly income. Additional property amenities include soft-story retrofitting completion, 9 parking spaces (8 covered and 1 open) and a community laundry room.

Listing description from the December 2022 sale, as reported to CRMLS.

Sale history

$1,775,000

Sold December 2022 · listed $2,110,000, on market October 2022 · MLS #22207429 · Source: CRMLS

Listing Agent: Kenny Stevens · Listing Office: Compass · Contact: 310-230-5478 · Bought with: Kenny Stevens · Compass

$2,060,000

Sold January 2022 · listed $2,300,000, on market October 2021 · MLS #21791652 · Source: CRMLS

Listing Agent: Oscar Diaz · Listing Office: Marcus & Millichap · Contact: 213-943-1800 · Bought with: Oscar Diaz · Marcus & Millichap

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