Multifamily

5741 Virginia Ave

5741 Virginia Ave, Los Angeles, CA 90038

Listing Price: $5,225,000

Cap Rate
5.00%
Number of Units
21
Price/Unit
$248,810
Price/Gross SF
$450.47
Gross SF
11,599

Investment Overview

Marcus & Millichap pleased to announce the sale of 5741 Virginia Avenue, a 21-unit multifamily property situated in a rapidly improving pocket of Hollywood, CA. Offering the new owner an attractive 5.00 percent CAP and 12.86 GRM, this asset has been heavily upgraded with recent capital improvements. It is located north of Santa Monica Boulevard and west of Wilton Place, one block from the Hollywood Forever Cemetery. The property has benefitted from numerous recent improvements to both its interior and exterior. The building has new exterior paint, new landscaping, a large new fence, and a new driveway gate. Select unit interiors have been renovated with new wood and tile flooring, new kitchen cabinets, new stainless steel appliances, new countertops, and remodeled bathrooms. An on-site laundry room provides the landlord with an additional income stream, while on-site gated parking allows space for 21 vehicles. Situated in Hollywood, near the intersection of Santa Monica Boulevard and Van Ness Avenue, the property is primed to capitalize on a massive influx of investment in the local neighborhood. Just three blocks north is the ICON tower, the Los Angeles headquarters of Netflix, which is surrounded by several additional offices and soundstages leased by the same company. Blackstone recently acquired a minority stake in three Hollywood studio and office properties along Sunset Boulevard, which valued the assets at approximately $1.65B. Anticipated future expansion among these properties includes the development of 1.1 million square feet of Class A office and studio space, including proposed plans for an 18-story tower at the corner of Sunset Boulevard and Gower Street.

Investment Highlights

  • Attractive In-Place 5.00 Percent CAP and 12.86 GRM Multifamily Opportunity in Dense Hollywood Location
  • Located North of Santa Monica Boulevard, Less Than One Mile from Hollywood and Vine
  • Select Units Upgraded with Wood Flooring, Granite Countertops, New Cabinets, Stainless Steel Appliances, and Remodeled Bathrooms
  • New Exterior Paint, New Fence, New Landscaping, New Driveway Gate
  • Walk Score of 89 – Walking Distance to Several Shopping and Dining Destinations
  • Resurging Neighborhood Benefitting from Recent Massive Investments from Netflix and Blackrock
  • On-Site Laundry Facilities to Provide Additional Income Stream

Exclusively Listed By

Listing Price: $5,225,000

Cap Rate
5.00%
Number of Units
21
Price/Unit
$248,810
Price/Gross SF
$450.47
Gross SF
11,599

Investment Highlights

  • Attractive In-Place 5.00 Percent CAP and 12.86 GRM Multifamily Opportunity in Dense Hollywood Location
  • Located North of Santa Monica Boulevard, Less Than One Mile from Hollywood and Vine
  • Select Units Upgraded with Wood Flooring, Granite Countertops, New Cabinets, Stainless Steel Appliances, and Remodeled Bathrooms
  • New Exterior Paint, New Fence, New Landscaping, New Driveway Gate
  • Walk Score of 89 – Walking Distance to Several Shopping and Dining Destinations
  • Resurging Neighborhood Benefitting from Recent Massive Investments from Netflix and Blackrock
  • On-Site Laundry Facilities to Provide Additional Income Stream

Investment Overview

Marcus & Millichap pleased to announce the sale of 5741 Virginia Avenue, a 21-unit multifamily property situated in a rapidly improving pocket of Hollywood, CA. Offering the new owner an attractive 5.00 percent CAP and 12.86 GRM, this asset has been heavily upgraded with recent capital improvements. It is located north of Santa Monica Boulevard and west of Wilton Place, one block from the Hollywood Forever Cemetery. The property has benefitted from numerous recent improvements to both its interior and exterior. The building has new exterior paint, new landscaping, a large new fence, and a new driveway gate. Select unit interiors have been renovated with new wood and tile flooring, new kitchen cabinets, new stainless steel appliances, new countertops, and remodeled bathrooms. An on-site laundry room provides the landlord with an additional income stream, while on-site gated parking allows space for 21 vehicles. Situated in Hollywood, near the intersection of Santa Monica Boulevard and Van Ness Avenue, the property is primed to capitalize on a massive influx of investment in the local neighborhood. Just three blocks north is the ICON tower, the Los Angeles headquarters of Netflix, which is surrounded by several additional offices and soundstages leased by the same company. Blackstone recently acquired a minority stake in three Hollywood studio and office properties along Sunset Boulevard, which valued the assets at approximately $1.65B. Anticipated future expansion among these properties includes the development of 1.1 million square feet of Class A office and studio space, including proposed plans for an 18-story tower at the corner of Sunset Boulevard and Gower Street.

Exclusively Listed By

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