Investment Overview

1959 Grace Avenue — The Palms — is a 35-unit mid-century apartment community offered for the first time in over 38 years, set on a 24,143-square-foot corner lot in the Whitley Heights neighborhood of Hollywood. Built in 1962 and held by the same ownership for nearly four decades, the four-story property offers a well-balanced mix of studio, one-, and two-bedroom residences averaging approximately 679 square feet, with select units featuring private balconies, city views, and views of the Hollywood Sign. Resident amenities include a swimming pool, on-site laundry, controlled-access entry, and camera security throughout, along with 41 parking spaces — a rare better-than-1:1 ratio for the submarket. Priced at $8,500,000, or $242,857 per unit, the offering delivers a 5.94% current capitalization rate and a 10.37 GRM, with approximately 23% in rental upside available through natural turnover — a path to an 8.06% capitalization rate. The property's legal non-conforming density, irreplaceable hillside location, and long-deferred rent roll present a compelling opportunity for a long-term owner seeking a well-located Hollywood asset with meaningful embedded growth.