7506 Norton Avenue, West Hollywood, CA 90046
Property · 2 recorded sales since 2022
Sold April 2023
Listing Agent: Roderick 'Rick' Raymundo (DRE #01357019) · Listing Office: Marcus & Millichap · Contact: 818-212-2700 · Bought with: Roderick 'Rick' Raymundo · Marcus & Millichap · MLS #23253465 · Source: CRMLS
About this property
Situated just north of Santa Monica Boulevard, between Fairfax Avenue and La Brea Avenue, the property features bungalow-style units set around a charming courtyard. A new investor can aim to add value by recapturing the approximately 52% rent upside. The five private parking garages can be rented for parking or storage, providing an additional revenue stream for the owner. According to Niche.com, West Hollywood ranks #1 out of 111 neighborhoods in Los Angeles County among the Best Suburbs for Young Professionals, and ranks #2 in the entire state of California. With 80% of the West Hollywood population residing in rental housing, these semi-private one-bedroom bungalows are extremely attractive to this demographic, helping to boost both demand and rental rates. With Whole Foods Market, Plummer Park, and numerous shopping and dining destinations within walking distance, the property boasts a Walk Score of 92 and has been dubbed a "Walker's Paradise." The Sunset Strip, Beverly Hills, Hollywood Boulevard, The Grove, and The Original Farmers Market are all within a short drive for tenants.
Listing description from the April 2023 sale, as reported to CRMLS.
Sale history
