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Multifamily

2047 Ivar Ave

2047 Ivar Ave, Los Angeles, CA 90068

Listing Price: $2,595,000

Cap Rate
3.82%
Number of Units
4
Price/Unit
$648,750
Price/Gross SF
$481.18
Gross SF
5,393

Investment Overview

Marcus & Millichap is proud to present a truly unique opportunity located at 2047 Ivar Avenue, which is a one of a kind 4 plex nestled in the quiet and charming residential streets of the famous Hollywood Hills. Due to its central location, tenants are within one mile of some of the most prominent Hollywood attractions such as the Hollywood Bowl, the world-renowned Magic Castle, the Hollywood Boulevard strip, and countless options for dining and shopping. The building is also conveniently located within a few blocks from the 101-freeway onramp, allowing for quick access to get to Downtown LA if going Southbound, or quickly get to Universal City, Studio City, Burbank, and the rest of the San Fernando Valley going Northbound. Built in 1921, the property sits on a 0.14 acre lot with magnificent city views overlooking Hollywood. The building boasts a large footprint of 5,393 gross sqft spread across three stories, and it has a good unit mix of (1) 1 bed / 1 bath unit, (1) 2 bed / 1 bath unit, and (2) 3 bed / 2 bath units. The units attract high-end renters due to their original wood floors, laundry hook ups, and private patios/back yards for the tenants to enjoy. Additionally, the property offers 6 total parking spaces available for the 4 units. Current ownership has done a great job maintaining the property and making sure the building holds its charm. Over the course of 21 years, ownership has spent close to $700k in capital improvements and approximately $150k in the last two years alone. A few notable improvements include a new roof, an extensive retaining wall to support the structure and integrity of the building, a 4-car garage, copper plumbing throughout, new gas lines, electrical panels, 5 new water heaters and custom patio decks. This offering provides an incredible opportunity for a first-time buyer or seasoned investor to own a unique piece of real estate in the highly coveted neighborhood of Hollywood Dell. First-time buyers can take their first step into owning L.A. real estate as an owner/user with a minimal down payment and a smaller barrier to entry compared to single family homes. While seasoned investors can use this as an opportunity to capitalize on the potential future income that is attainable through unit turnover and remodel.

Investment Highlights

  • Built in 1921 w/ Renovations
  • First Time for Sale in 20+ Years
  • Great Hollywood Hills Location
  • Very Well Parked | 6 Spots
  • Beautiful Views of the City
  • Significantly Improved Property
  • Private Patios and Backyards
  • 80 Walk Score | Very Walkable

Exclusively Listed By

Financing By

Multifamily

2047 Ivar Ave

Listing Price: $2,595,000

Cap Rate
3.82%
Number of Units
4
Price/Unit
$648,750
Price/Gross SF
$481.18
Gross SF
5,393

Investment Highlights

  • Built in 1921 w/ Renovations
  • First Time for Sale in 20+ Years
  • Great Hollywood Hills Location
  • Very Well Parked | 6 Spots
  • Beautiful Views of the City
  • Significantly Improved Property
  • Private Patios and Backyards
  • 80 Walk Score | Very Walkable

Investment Overview

Marcus & Millichap is proud to present a truly unique opportunity located at 2047 Ivar Avenue, which is a one of a kind 4 plex nestled in the quiet and charming residential streets of the famous Hollywood Hills. Due to its central location, tenants are within one mile of some of the most prominent Hollywood attractions such as the Hollywood Bowl, the world-renowned Magic Castle, the Hollywood Boulevard strip, and countless options for dining and shopping. The building is also conveniently located within a few blocks from the 101-freeway onramp, allowing for quick access to get to Downtown LA if going Southbound, or quickly get to Universal City, Studio City, Burbank, and the rest of the San Fernando Valley going Northbound. Built in 1921, the property sits on a 0.14 acre lot with magnificent city views overlooking Hollywood. The building boasts a large footprint of 5,393 gross sqft spread across three stories, and it has a good unit mix of (1) 1 bed / 1 bath unit, (1) 2 bed / 1 bath unit, and (2) 3 bed / 2 bath units. The units attract high-end renters due to their original wood floors, laundry hook ups, and private patios/back yards for the tenants to enjoy. Additionally, the property offers 6 total parking spaces available for the 4 units. Current ownership has done a great job maintaining the property and making sure the building holds its charm. Over the course of 21 years, ownership has spent close to $700k in capital improvements and approximately $150k in the last two years alone. A few notable improvements include a new roof, an extensive retaining wall to support the structure and integrity of the building, a 4-car garage, copper plumbing throughout, new gas lines, electrical panels, 5 new water heaters and custom patio decks. This offering provides an incredible opportunity for a first-time buyer or seasoned investor to own a unique piece of real estate in the highly coveted neighborhood of Hollywood Dell. First-time buyers can take their first step into owning L.A. real estate as an owner/user with a minimal down payment and a smaller barrier to entry compared to single family homes. While seasoned investors can use this as an opportunity to capitalize on the potential future income that is attainable through unit turnover and remodel.

Exclusively Listed By

Financing By

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