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Multifamily

1030 Edinburgh

1030 N Edinburgh Ave, West Hollywood, CA 90046

Listing Price: $3,295,000

Cap Rate
3.28%
Number of Units
9
Price/Unit
$366,111
Price/Gross SF
$407.80
Gross SF
8,080

Investment Overview

A nine-unit value-add investment opportunity in the highly sought-after submarket of West Hollywood located just west of Fairfax Ave between Santa Monica Blvd and Melrose Ave. This ideal location is walking distance to many desirable destinations such as Whole Foods, Laurel Hardware, Ysabel, Employee’s Only, plus many others. The building features a desirable unit mix of seven spacious one-bedrooms (+\-700-850 SF) and two two-bedrooms (+\- 1,000 SF) with 10 parking spaces. Most of the units are leased at below market rents, providing an investor the opportunity to capture the 43% rental upside through further interior renovations as units turn (currently 2 units are vacant). The building has been well-maintained throughout the years with a new roof installed in 2021, copper plumbing throughout and a completely upgraded fire sprinkler system. Additionally, the property has a community laundry room with one washer and one dryer, is separately metered for gas and electricity and has a storage room at the rear of the property that could potentially be converted to an ADU (Buyer to verify). 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 has an incredibly high walk score of 95 with prominent dining and nightlife destinations within walking distance.

Investment Highlights

  • Once in a generation, prime West Hollywood location featuring nine units just steps from Santa Monica Blvd
  • The subject property totals a 8,080 SF building with an excellent unit mix including seven spacious one-bedrooms and two spacious two-bedroom and two bath units
  • Offered at an asking price of $408 PSF with significant value-add potential and current loss to lease of 30%
  • Most of the units are leased at below market rents, providing an investor the opportunity to capture the 43% rental upside through interior unit renovations as units turn
  • New roof installed in 2021, copper plumbing throughout, and completely upgraded fire sprinkler system
  • Six out of nine units having new modern flooring with several recently remodeled kitchens
  • Community laundry room with one washer and one dryer. Secured and gated parking with 10 parking spaces
  • Separately metered community laundry room with storage that could potentially be converted to an ADU (Buyer to verify)

Exclusively Listed By

Financing By

Listing Price: $3,295,000

Cap Rate
3.28%
Number of Units
9
Price/Unit
$366,111
Price/Gross SF
$407.80
Gross SF
8,080

Investment Highlights

  • Once in a generation, prime West Hollywood location featuring nine units just steps from Santa Monica Blvd
  • The subject property totals a 8,080 SF building with an excellent unit mix including seven spacious one-bedrooms and two spacious two-bedroom and two bath units
  • Offered at an asking price of $408 PSF with significant value-add potential and current loss to lease of 30%
  • Most of the units are leased at below market rents, providing an investor the opportunity to capture the 43% rental upside through interior unit renovations as units turn
  • New roof installed in 2021, copper plumbing throughout, and completely upgraded fire sprinkler system
  • Six out of nine units having new modern flooring with several recently remodeled kitchens
  • Community laundry room with one washer and one dryer. Secured and gated parking with 10 parking spaces
  • Separately metered community laundry room with storage that could potentially be converted to an ADU (Buyer to verify)

Investment Overview

A nine-unit value-add investment opportunity in the highly sought-after submarket of West Hollywood located just west of Fairfax Ave between Santa Monica Blvd and Melrose Ave. This ideal location is walking distance to many desirable destinations such as Whole Foods, Laurel Hardware, Ysabel, Employee’s Only, plus many others. The building features a desirable unit mix of seven spacious one-bedrooms (+\-700-850 SF) and two two-bedrooms (+\- 1,000 SF) with 10 parking spaces. Most of the units are leased at below market rents, providing an investor the opportunity to capture the 43% rental upside through further interior renovations as units turn (currently 2 units are vacant). The building has been well-maintained throughout the years with a new roof installed in 2021, copper plumbing throughout and a completely upgraded fire sprinkler system. Additionally, the property has a community laundry room with one washer and one dryer, is separately metered for gas and electricity and has a storage room at the rear of the property that could potentially be converted to an ADU (Buyer to verify). 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 has an incredibly high walk score of 95 with prominent dining and nightlife destinations within walking distance.

Exclusively Listed By

Financing By

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