553 N Flores Street, West Hollywood, CA 90048
Commercial property · 2 recorded sales since 2021
Sold July 2021
Listing Agent: Gina Michelle (DRE #01503003) · Listing Office: The Agency · Contact: 818-379-7700 · Bought with: Gina Michelle · The Agency · MLS #SR21060566 · Source: CRMLS
About this commercial property
An extremely rare opportunity to acquire a well-located, high-quality apartment community with multiple scenarios to add future value.5-unit multifamily property located in the always in-demand West Hollywood. Built in 1963, the property features one 1-bedroom unit, three 2-bedroom units, and one 3-bedroom unit. All units are occupied, with average in-place rents that are significantly below market allowing for substantial future upside. In addition to the rental and renovation upside scenarios, the Property also offers the potential to upgrade and convert the existing rental units to for-sale condominium units. The Property is ideally located just one block from the Melrose Avenue Shopping District, one of Los Angeles’ most famous shopping, dining, and entertainment destinations. With over 180 stores, restaurants, and entertainment options situated along the stretch of Melrose Avenue between La Brea Avenue and La Cienega Boulevard.As a testament to the amenity-laden location, the property features a coveted “Walker’s Paradise” designation with a walk score of 92 out of 100, and is directly served by several rapid bus lines and is immediately adjacent to numerous surface arterials, for convenient, centralized access to Hollywood and the greater Los Angeles Westside markets.
Listing description from the July 2021 sale, as reported to CRMLS.
Sale history
