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Multifamily

5555 Carlton Way

5555 Carlton Way, Los Angeles, CA 90028

Listing Price: $6,750,000

Cap Rate
5.05%
Number of Units
26
Occupancy
98.0%
Price/Unit
$259,615
Price/Gross SF
$515.82
Gross SF
13,086

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 5555 Carlton Way, a 26-unit multifamily property situated near the intersection of Hollywood Boulevard and Western Avenue in Hollywood, CA. Located within a neighborhood that has experienced an influx of capital from both institutional multifamily investors and large movie studios, local rents have steadily risen, which may allow a new owner to improve income at the property. While similar buildings in the area have sold for more than $325,000 per unit, 5555 Carlton Way is available for only $259,615 per unit. The large corner lot totals 17,618 square feet and is zoned LAR4 with a Tier 4 TOC designation (Buyer to verify), which could allow future development potential. Tenants in this property benefit from its close proximity to the long-awaited Hollywood Target store, which opened in late-2020, as well as several shops and restaurants along Hollywood Boulevard, Sunset Boulevard, and Western Avenue. The Hollywood/Western Metro station is just one block away, while Ralphs and Walgreens are within walking distance as well. A trend of studio space expansion has dramatically improved the local neighborhood, including a joint-venture between The Blackstone Group and Hudson Pacific Partners to redevelop and expand the nearby Sunset Bronson Studios and Sunset Gower Studios. Netflix recently leased out nearly the entire 14-story ICON office tower at the corner of Sunset Boulevard and Van Ness Avenue, just one half-mile from the property.

Investment Highlights

  • Excellent Hollywood Location - One Block from Hollywood Boulevard and Western Avenue Intersection
  • Current 5.05% CAP Rate with Approximately 21% Rent Upside
  • Attractive Price per Unit When Compared with Recent Sales in the Area
  • Full Copper Plumbing Installed in 2021
  • Walking Distance to New Hollywood Target, Ralphs, Walgreens, and Hollywood/Western Metro Station
  • Large 17,618 Square Foot Corner Lot Zoned LAR4 in a Tier 4 TOC (Buyer to Verify)
  • Situated Along Revitalized Corridor of Hollywood Boulevard -- Several Luxury Multifamily Complexes in Immediate Area
  • Property Benefits from Emerging Trend of Major Studio Expansions -- Near New Sunset Bronson and Sunset Gower Studios, Netflix's New ICON Office Tower

Exclusively Listed By

Multifamily

5555 Carlton Way

Listing Price: $6,750,000

Cap Rate
5.05%
Number of Units
26
Occupancy
98.0%
Price/Unit
$259,615
Price/Gross SF
$515.82
Gross SF
13,086

Investment Highlights

  • Excellent Hollywood Location - One Block from Hollywood Boulevard and Western Avenue Intersection
  • Current 5.05% CAP Rate with Approximately 21% Rent Upside
  • Attractive Price per Unit When Compared with Recent Sales in the Area
  • Full Copper Plumbing Installed in 2021
  • Walking Distance to New Hollywood Target, Ralphs, Walgreens, and Hollywood/Western Metro Station
  • Large 17,618 Square Foot Corner Lot Zoned LAR4 in a Tier 4 TOC (Buyer to Verify)
  • Situated Along Revitalized Corridor of Hollywood Boulevard -- Several Luxury Multifamily Complexes in Immediate Area
  • Property Benefits from Emerging Trend of Major Studio Expansions -- Near New Sunset Bronson and Sunset Gower Studios, Netflix's New ICON Office Tower

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 5555 Carlton Way, a 26-unit multifamily property situated near the intersection of Hollywood Boulevard and Western Avenue in Hollywood, CA. Located within a neighborhood that has experienced an influx of capital from both institutional multifamily investors and large movie studios, local rents have steadily risen, which may allow a new owner to improve income at the property. While similar buildings in the area have sold for more than $325,000 per unit, 5555 Carlton Way is available for only $259,615 per unit. The large corner lot totals 17,618 square feet and is zoned LAR4 with a Tier 4 TOC designation (Buyer to verify), which could allow future development potential. Tenants in this property benefit from its close proximity to the long-awaited Hollywood Target store, which opened in late-2020, as well as several shops and restaurants along Hollywood Boulevard, Sunset Boulevard, and Western Avenue. The Hollywood/Western Metro station is just one block away, while Ralphs and Walgreens are within walking distance as well. A trend of studio space expansion has dramatically improved the local neighborhood, including a joint-venture between The Blackstone Group and Hudson Pacific Partners to redevelop and expand the nearby Sunset Bronson Studios and Sunset Gower Studios. Netflix recently leased out nearly the entire 14-story ICON office tower at the corner of Sunset Boulevard and Van Ness Avenue, just one half-mile from the property.

Exclusively Listed By

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