Offering Highlights

  • Offer Price:

    $1,700,000

  • Price/SF:

    557.38

  • Price/Unit:

    283,333

  • NOI:

    55789

  • Units:

    6

  • Net Reantable Area:

    3050

  • Cap Rate:

    3.28

  • GRM:

    17.26

Investment Overview:

The Liberow Group is pleased to present for sale 837 Formosa Ave, a 1930 6-unit apartment building located in an excellent Hollywood neighborhood.

Situated on a 7,703 sq ft lot, the property consists of 3,050 rentable square feet and features a total of 6-units, including 4 (four) 1 bedroom/1 bath and 2 (2) Studios/ 1 bath.

Located just outside of the West Hollywood city lines and rated 93 on Walkscore, residents can enjoy convenient access to an array of restaurants, grocery stores, parks and entertainment, as well as excellent schools nearby rated 9/10 (rating by GreatSchools. org).

Considering this property has been under the same ownership for over 30 years, this is an excellent opportunity for investors looking for significant upside potential; by repositioning the asset through renovations of both the interior and exterior, buyers will be able to significantly drive rents up all whilst establishing a higher value of the property.

Highlights:

  • Exceptional Area Demographics – The average Annual Household Income in Hollywood is $99,246 within a 1-Mile Radius from The Subject Property.
  • Excellent Walkability – This property is a “Walker’s Paradise”, with a walk score of 94. It is conveniently located next to an abundance of local shopping, dining & entertainment.
  • Future Upside Potential – This property has roughly 30% +/- in rents which could be captured by renovating and repositioning the units.
  • Features 6 Parking Spaces – All tenants have their own parking spaces (not covered or\ carport).
  • Well-Located Property – The property offers convenient access to all of the best that West Hollywood, the Sunset Strip, and Hollywood has to offer.

Exclusively listed by:

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

CA: 01933858

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