Fountain Ave.

Offering Highlights

  • Offer Price:

    $3,610,000

  • Price/SF:

    $365.75

  • Price/Unit:

    $347,727

  • Units:

    11

  • Net Reantable Area:

    10,458

  • Cap Rate:

    3.76%

  • GRM:

    16.49

  • Status:

    Sold

Marcus & Millichap is proud to exclusively present 7654 Fountain Avenue, an 11-unit apartment building located in West Hollywood, which is one of the most sought after neighborhoods in Los Angeles. Built in 1962, this property is comprised of 10,458 of rentable square feet and a lot size of 6,600 square feet.

The building consists of seven (7) one-bedroom/one-bathroom units and four (4) two-bedroom/two-bathroom units. A selection of the units include private balconies. On-site laundry is also available for tenants along with gated parking, providing 11 parking spaces – one for each unit.

7654 Fountain is conveniently located just steps away from the endless shopping, entertainment, and dining outlets on Santa Monica Blvd. Situated just east of Fairfax, the property is just minutes to Runyon Canyon, Whole Foods, the Laugh Factory, the Hollywood Bowl, the Walk of Fame, the Chinese Theater and many other places. Various other attractions include the Hollywood and Highland Center, The Grove, Sunset Plaza, and the Beverly Center.

This well located asset provides an excellent opportunity for an investor to obtain significant upside in income through tenant repositioning and renovation program.

Investment Highlights:

• Long-Term Passive Passive Ownership: This property has been under the same ownership for over 34 years, making this a true value-add investment for an experienced investor
• Excellent West Hollywood Location: Situated right on Fountain Blvd, just North of Santa Monica Blvd and south of Sunset Blvd, giving this property a Walkscore of 90 (Walker’s Paradise)
• True Value-Add: Significant increase in rental income through tenant repositioning and renovation program
• Highly Amenitized Sub-Market: Within minutes to Runyon Canyon, Whole Foods, the Laugh Factory, Orangetheory Fitness, and other various dining and entertainment outlets close by
• Great Unit Mix: The property offers seven (7) one-bedroom/ one-bathroom units and four (4) two-bedroom/ two-bathroom units. Select units also include private balconies
• On-Site Amenities: Laundry and gated parking available for tenants
• No Seismic Retrofit Needed: Not on the Soft-Story Retrofit list of West Hollywood

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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