Description

Located north of Santa Monica Boulevard near the Norma Triangle, the building sits just two blocks from the world-famous Sunset Strip. The vast majority of apartments within the building have already been upgraded and remodeled, allowing a new investor to focus on improving cash flows with lower deferred maintenance expenses. Of the 35 units, 31 have been renovated to include some combination of quartz countertops, stainless steel appliances, new flooring, remodeled bathrooms, new cabinets and backsplashes, and updated fixtures. The building itself features a new roof, new water heater, and new pool equipment. According to recent reports from Niche.com, West Hollywood ranked #1 out of 111 neighborhoods in Los Angeles County among the Best Suburbs for Young Professionals, and ranked #2 in the entire state of California. With 80% of the West Hollywood population residing in rental housing, these upgraded and remodeled apartments are extremely attractive to this demographic, helping to boost both demand and rental rates. The property has earned a Walk Score of 94, which qualifies the immediate neighborhood as a "Walker's Paradise." Residents enjoy convenient access to the newly opened Erewhon, Gelson's, Trader Joe's, and Whole Foods Market in the area. Within a short driving distance are Beverly Hills, The Grove and Farmers Market, the Beverly Center, and several other destinations in both the Hollywood and West Hollywood areas.