823 N Gower St Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90038
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 14,190 sqft
Price per Sqft $295
MLS Listing ID 24-446147
Bedrooms 2
Year Built 1929
Lot Size 0.298 Acres
Property Description
Aegis Management, Inc. is pleased to present a valuable investment opportunity in the heart of Hollywood; a 25-unit apartment property offered at $4,200,000 and a 5.45% going in cap rate. Located on Gower Street, just north of Melrose Avenue and near iconic landmarks like Hollywood Forever Cemetery and Paramount Pictures, this property offers significant long-term value. The building, constructed in 1929 with durable wood-frame and stucco over a raised foundation, is composed of 22 single units with one bath, two one-bedroom units with one bath, and one larger one-bedroom unit with two baths. It's built to last and several of the units have been thoughtfully renovated and updated over time. All units are separately metered for gas and electricity. The property is subject to the city of Los Angeles's Rent Stabilization Ordinance. Currently, four units are unoccupied. The property has about 30% upside in rental rates upon unit turnover, and the approximately 14 parking spaces are not currently offered to tenants, presenting both immediate and long term opportunities for income growth. The property features a landlord-owned laundry room, an operating security camera system, and various updates to essential systems like plumbing and electrical. This asset is priced to sell at a 5.45% going in cap rate and with the various income opportunities availble as well as the potential to continue upgrading units and increasing rents within regulatory limits, the new owner should benefit from reliable present cash flow as well as future opportunity. CONTACT LISTING AGENT FOR A DETAILED MARKETING PACKET.
Location
State CA
County Los Angeles
Area Hollywood
Zoning LAR3
Interior
Laundry Laundry Area, Community
Exterior
Garage Spaces 14.0
Building
Story 2
Structure Type Stucco, Wood Siding
Others
Special Listing Condition Standard