Description

The Hepburn Manor Apartments, consisting of 32 units located in the heart of the Silver Lake hills, is being offered for sale for the first time in nearly 40 years. This ICONIC FLATIRON art-deco-inspired property is truly an irreplaceable "ONE of ONE" opportunity. Due to the assets' unique style and prominent positioning in the Silver Lake hills, many units feature panoramic city views, including Griffith Park Observatory, DTLA, and the Hollywood sign. There is a tremendous opportunity for design enhancement to further excel all appropriate income drivers. The unit composition features an idyllic blend of large One Bedroom and Single Units, comprised of Twelve (12) One-Bedroom / One-Bathroom and Twenty-Two (22) Large Single / One-Bathroom apartment homes. Constructed in 1930, the offering is situated on an elevated, triangular corner parcel oriented at the intersection of Hyperion Avenue and Hoover Street. The design was influenced by the extraordinary "Flatiron" style buildings constructed at the turn of the 20th Century in several major US cities, including San Francisco's Columbus Tower or Phelan Building and New York's Flatiron building on 5th Avenue. Unit interiors boast sizeable square footage, unique layouts, and many originals such as hardwood floors, decorative moldings and cabinetry, and walk-in closets, and some still offer original ice boxes from the era. Building amenities include intercom entry, spacious lobby, elevator, onsite laundry facilities, and ten on-grade covered parking spaces. Current ownership has implemented a thoughtful and consistent management approach over the last four decades, helping to retain the property's uniqueness and overall health. The Hepburn Manor is vastly different from all nearby properties and, with proper stewardship, can outperform any neighboring rental property. By adding the right combination of interior improvements, it's estimated that the property can make the market for achievable rents well into the future. This is an irreplaceable "ONE of ONE" opportunity that will likely never cross your desk again.