Ogden Dr.

Offering Highlights

  • Offer Price:

    $2,475,000

  • Price/SF:

    $367.75

  • Price/Unit:

    $318,750

  • Units:

    8

  • Cap Rate:

    3.47%

  • GRM:

    16.88

  • Status:

    Under Contract

Marcus & Millichap has been selected to exclusively market for sale 1000 N Ogden Drive, an 8-unit apartment building located in West Hollywood, which is one of the densest and most affluent small cities in California. The building was constructed in 1927 and offers a unit mix of all one-bedroom/one-bathroom apartments. The property, with 6,934 rentable square feet, features some on-site parking.

West Hollywood (WeHo) is a small, affluent city with great proximity to many of LA’s premier Westside employment hubs. This is primarily a residential community, though a lively retail & tourism commercial corridor exists along Santa Monica Boulevard. WeHo is ideally situated in the heart of West Los Angeles. Walkscore ranks WeHo as the most walkable city in California due to its small size, density, and prevalence of mixed-use developments along Santa Monica Boulevard. Nearby grocers include Gelson’s Market, Whole Foods Market, Trader Joe’s, and Bristol Farms, all located within minutes from the property. Nightlife venues located on Santa Monica Blvd include The Hudson, Laurel Hardware, Surly Goat, Bar Lubitsch, and many others. In this dense, lively, and walkable neighborhood, tenants have an endless list of entertainment destinations to choose from.

1000 N Ogden presents an opportunity for an investor to acquire an asset located in one of the most desirable parts of Los Angeles, with an opportunity to increase rents by approximately 25%.

Investment Highlights:

Prime West Hollywood – Situated on an excellent corner, near new luxury apartment development, just a block and a half from Santa Monica Blvd.
Excellent Unit Mix – Excellent unit mix for the location. The property consists of all one-bedroom/one-bathroom apartments. In West Hollywood, studios and one-bedrooms make up over 70% of the units.
Excellent Investment Opportunity – Well maintained building with +/- 25% upside potential in rental income.
On-Site Amenities – Some parking is available for the tenants.
Location, Location, Location – Walkscore of 97; Walkers Paradise; Within close proximity to Santa Monica Blvd and countless boutique shopping and dining venues on Hollywood Blvd and Sunset Ave.

Exclusively listed by:

Sam Liberow
First Vice President Investments
Direct: 818-212-2795
Cell: 718-406-3128
SLIBEROW@MARCUSMILLICHAP.COM

CA: 01933858

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