823 N Gower ST Active

Los Angeles,CA 90038

$ 4200000

- Bed

0 Bath

14190 SqFt


Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

Square Footage 14,190 sqft

Price per Sqft $295

MLS Listing ID 24446147

HOA Y/N No

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 C20 - Hollywood

Zoning LAR3

Rooms

Ensuite Laundry Common Area

Interior

Laundry Location Common Area

Fireplace No

Laundry Common Area

Exterior

Total Parking Spaces 14

Building

Story 2

Others

Tax ID 5534031001

Security Features Key Card Entry,Resident Manager

Special Listing Condition Standard

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