Description

1336 N. Citrus presents the opportunity to acquire an 9-unit property in one of Hollywood's most central residential pockets, located 1 block south of Sunset Blvd and 1 block west of Highland Ave. The property sits approx. 0.5 miles from Hollywood Blvd, while also positioned between West Hollywood and the Melrose District, placing residents within immediate reach of several of the most active entertainment, dining, and retail corridors in Los Angeles. Offered at $2,300,000, the property is priced at $255,556 per unit and $323 per SF, operating at a 5.73% CAP and 11.00 GRM on current rents. Based on renovated rental comparables in the surrounding Hollywood submarket, the property offers approx. 17% rental upside, with projected stabilization at a 7.22% CAP and 9.42 GRM at market rents. The offering is also priced competitively relative to recent neighborhood transactions. On both a price-per-unit and price-per-square-foot basis, the property is positioned below several recent sales in the immediate Hollywood area, providing investors with an entry point that aligns with current market activity while leaving room for upside through interior improvements and continued rent growth. Built in 1962, the building features a practical 2-story layout with exterior breezeways and a central circulation corridor providing efficient access to each unit. The property is comprised of (2) 2-bdrm./2-bath units and (7) 1-bdrm. units. The property appears well maintained and is currently managed by a reputable Los Angeles property management company, supporting stable day-to-day operations. Amenities include controlled access, a community laundry room, and a combination of front and rear parking. Structural improvements reportedly include completion of the soft-story seismic retrofit, subject to buyer verification. The surrounding location is one of the property's strongest attributes. Positioned between Sunset Blvd, Highland Ave, and Santa Monica Blvd, residents benefit from convenient access to Hollywood's entertainment district, the Santa Monica / La Brea retail corridor in West Hollywood, and the Melrose District to the south. The area is supported by a dense concentration of restaurants, cafs, nightlife venues, and production studios that continue to anchor housing demand throughout Hollywood. With central positioning between Hollywood, West Hollywood, and Melrose, 1336 N. Citrus offers investors a well-located asset with competitive entry pricing, strong in-place income, and measurable rental upside within one of Los Angeles' most established rental markets.