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Multifamily

990 Palm Ave

990 Palm Ave, West Hollywood, CA 90069

Listing Price: $6,500,000

Cap Rate
3.88%
Number of Units
22
Price/Unit
$295,455
Price/Gross SF
$709.76
Gross SF
9,158

Investment Overview

The Neema Group of Marcus & Millichap is pleased to present 990 Palm Avenue, West Hollywood. CA 90069. Built in 1951 and renovated in 2020, this 22-unit property is located in the premier West Hollywood neighborhood between Holloway Drive and Santa Monica Boulevard, a location featuring some of the city’s most famous restaurants, bustling entertainment and nightlife scenes, local cafes, and boutique shopping destinations. 990 Palm Avenue totals 9,158 SF featuring a unit mix that includes 21 singles and 1 one-bedroom. This turnkey investment provides an investor the opportunity to acquire a building with recent capital expenditures and zero deferred maintenance required. The subject property is being offered at a low price per square unit of $295,455. 19 of 22 units have been recently renovated with gourmet kitchens featuring stainless-steel appliances (gas oven with designer range top, refrigerator, and microwave), quartz countertops and new cabinetry. The units also feature a designer bathroom with pedestal sink, stylish shower tiles, mirrored closet doors in the dresser area, wood inspired flooring in the living/bedroom area, sleek porcelain tiles in the kitchen and bathroom, large wall-to-wall and walk-in closets, and a designer lighting and finishes package. The building is set on a 12,477 SF lot with community amenities including controlled-access entry, a retreat courtyard with a firepit and barbecue. Furthermore, the property features community laundry and 18 parking spaces which are leased on separate addendums. West Hollywood is one of the most coveted submarkets in Los Angeles and a top travel destination attracting those in entertainment, fashion, and entrepreneurship. The subject property boasts a high walk score of 91, a “walker’s paradise”. Prominent dining and nightlife is in close proximity to the building including Sur Restaurant and Lounge, The Abbey, Troubadour, The Viper Room, Night+Market, Dialogue Cafe, Rainbow Bar & Grill, The Roxy Theatre, 1 OAK, and so much more.

Investment Highlights

  • Built in 1951 and renovated in 2020, featuring 22-units located in the premier West Hollywood neighborhood between Holloway Drive and Santa Monica Boulevard
  • The subject property totals 9,158 SF featuring a unit mix that includes 21 singles and 1 one-bedroom; two units are currently vacant
  • This turnkey investment provides an investor the opportunity to acquire a building with recent capital expenditures and zero deferred maintenance required
  • 19 of 22 units have been recently renovated with gourmet kitchens featuring stainless-steel appliances, quartz countertops and new cabinetry. The units also feature designer bathrooms.
  • The building is set on a 12,477 SF lot with community amenities including controlled-access entry, a retreat courtyard with a firepit and barbecue.

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    (310) 909-5444

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

  • Leonardo Laterza

    Senior Associate

    Email Leonardo

    License(s): CA: 01861324

    West Los Angeles

Multifamily

990 Palm Ave

Listing Price: $6,500,000

Cap Rate
3.88%
Number of Units
22
Price/Unit
$295,455
Price/Gross SF
$709.76
Gross SF
9,158

Investment Highlights

  • Built in 1951 and renovated in 2020, featuring 22-units located in the premier West Hollywood neighborhood between Holloway Drive and Santa Monica Boulevard
  • The subject property totals 9,158 SF featuring a unit mix that includes 21 singles and 1 one-bedroom; two units are currently vacant
  • This turnkey investment provides an investor the opportunity to acquire a building with recent capital expenditures and zero deferred maintenance required
  • 19 of 22 units have been recently renovated with gourmet kitchens featuring stainless-steel appliances, quartz countertops and new cabinetry. The units also feature designer bathrooms.
  • The building is set on a 12,477 SF lot with community amenities including controlled-access entry, a retreat courtyard with a firepit and barbecue.

Investment Overview

The Neema Group of Marcus & Millichap is pleased to present 990 Palm Avenue, West Hollywood. CA 90069. Built in 1951 and renovated in 2020, this 22-unit property is located in the premier West Hollywood neighborhood between Holloway Drive and Santa Monica Boulevard, a location featuring some of the city’s most famous restaurants, bustling entertainment and nightlife scenes, local cafes, and boutique shopping destinations. 990 Palm Avenue totals 9,158 SF featuring a unit mix that includes 21 singles and 1 one-bedroom. This turnkey investment provides an investor the opportunity to acquire a building with recent capital expenditures and zero deferred maintenance required. The subject property is being offered at a low price per square unit of $295,455. 19 of 22 units have been recently renovated with gourmet kitchens featuring stainless-steel appliances (gas oven with designer range top, refrigerator, and microwave), quartz countertops and new cabinetry. The units also feature a designer bathroom with pedestal sink, stylish shower tiles, mirrored closet doors in the dresser area, wood inspired flooring in the living/bedroom area, sleek porcelain tiles in the kitchen and bathroom, large wall-to-wall and walk-in closets, and a designer lighting and finishes package. The building is set on a 12,477 SF lot with community amenities including controlled-access entry, a retreat courtyard with a firepit and barbecue. Furthermore, the property features community laundry and 18 parking spaces which are leased on separate addendums. West Hollywood is one of the most coveted submarkets in Los Angeles and a top travel destination attracting those in entertainment, fashion, and entrepreneurship. The subject property boasts a high walk score of 91, a “walker’s paradise”. Prominent dining and nightlife is in close proximity to the building including Sur Restaurant and Lounge, The Abbey, Troubadour, The Viper Room, Night+Market, Dialogue Cafe, Rainbow Bar & Grill, The Roxy Theatre, 1 OAK, and so much more.

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    (310) 909-5444

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

  • Leonardo Laterza

    Senior Associate

    Email Leonardo

    License(s): CA: 01861324

    West Los Angeles

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