Description

Priced to Sell at a 5.5% Current Cap Rate. The Kingsley Apartments is a two-parcel, 18-unit apartment community constructed in 1924 & 1987 and extensively renovated in 2023. Situated in Hollywood, Los Angeles, 626-630 N Kingsley Dr consists of two adjacent apartment buildings on separate parcel numbers. The 1987 built property at 626 N Kingsley Dr is exempt from City of Los Angeles rent control restrictions (RSO) and the 1920's property at 630 N Kingsley Dr is subject to RSO and contains several drastically below market rents. The properties can be sold separately and would be exempt from the City of Los Angeles Mansion Tax (Measure ULA). The rear of the property is open parking and a new owner could potentially construct four detached ADU apartment units plus convert the laundry room and adjacent area into a 5th ADU. The 626-630 N Kingsley Dr Apartments offers 2 one-bedroom apartments each measuring approximately 550 square feet, 13 two-bedroom apartments each measuring approximately 694 square feet, and 3 three-bedroom apartments each measuring approximately 850. The average unit size is approximately 701 square feet. Most units plus the majority of the common areas have been fully renovated and the property is in turn-key condition. Several units have drastically below market lease rates, providing excellent upside to a new owner. Units are individually metered for gas and electric and have separate water heaters. Unique to the property are 29 parking spaces. Buyer to independently verify ULA mansion tax and ADU development.