Fuller & Poinsettia Portfolio

Offering Highlights

  • Offer Price:

    $18,500,000

  • Price/SF:

    $362,745

  • Price/Unit:

    $406.93

  • Units:

    51

  • Cap Rate:

    3.94%

  • GRM:

    15.96

  • Status:

    Active

Property Overview:

Marcus & Millichap is pleased to present the Fuller & Poinsettia Portfolio, a 51-unit value add investment opportunity in a sought-after Hollywood Hills location near Runyon Canyon. Comprised of three (3) properties on contiguous parcels, the portfolio features an excellent unit mix consisting of (15) studios, (24) 1 bed/1 bath, (2) 1 bed/1.5 bath, (8) 2 bed/1 bath and (2) 2 bed/2 bath units. The properties were constructed in 1956, 1962 and 1963, respectively, with a collective building square footage 40,136 sf. The buildings sit on a combined 0.66 acres of land, and each parcel is LAR3 zoned.

This unique investment opportunity features significant rental upside and an opportunity to follow an established renovation plan as 20 of the 51 units and the common areas have been renovated. In addition, soft story retrofit work has been completed. There is also an opportunity to reconfigure some units to add an additional bedroom (see rent roll for details).

The Fuller & Poinsettia Portfolio is located in one of the most desirable neighborhoods in Southern California and features excellent walkability (94 walkscore). Located on the border of Hollywood and West Hollywood, the property is in close proximity to trendy retail, restaurants, cafes and entertainment options along both Hollywood Boulevard and the Sunset Strip. The property is also located just a few blocks from LA’s most popular hiking trail in the 160-acre Runyon Canyon Park. The central location offers its residents easy local access to nearby job centers of Hollywood, West Hollywood, Beverly Hills, Century City and Culver City. It is also conveniently located near 101 freeway and 0.7 miles from Hollywood/Highland Metro station for easy commutes to Downtown LA and beyond to the east and Universal City/North Hollywood and the entire San Fernando Valley to the north.

If you are looking for a generational asset in an exceptional location, look no further than the Fuller & Poinsettia Portfolio.

Highlights:

Value add opportunity in prime Hollywood Hills Neighborhood near Runyon Canyon

Opportunity to follow established renovation plan as 20 of 51 units and common areas have been renovated

Soft-story retrofit completed

Excellent unit mix: (15) studio/1 bath, (24) 1 bed/1 bath, (2) 1 bed/1.5 bath (8) 2 bed/1 bath and (2) 2 bed/2 bath units

Walk Score 94: close proximity to trendy retail, restaurants, cafes and entertainment options along Hollywood Boulevard and Sunset Strip and just a few blocks from LA’s most popular hiking trail in the 160-acre Runyon Canyon Park

Central location offering its residents easy local access to nearby job centers of Hollywood, West Hollywood, Beverly Hills, Century City and Culver City

Conveniently located near 101 freeway and 0.7 miles from Hollywood/ Highland Metro station for easy commutes to Downtown LA and beyond to the east and Universal City/North Hollywood and the entire San Fernando Valley to the north

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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