Skip to main content

Multifamily

1026 N Hudson Ave

1026 N Hudson Ave, Los Angeles, CA 90038

Listing Price: $2,250,000

Cap Rate
4.01%
Number of Units
8
Price/Unit
$281,250
Price/Gross SF
$341.27
Gross SF
6,593

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 1026 N Hudson Avenue, an eight-unit multifamily property located in Hollywood, CA, between trendy Sunset Boulevard and affluent Hancock Park. Situated mid-block near the intersection of Highland Avenue and Santa Monica Boulevard, the property features five one-bedroom units and three two-bedroom units. Select apartments have been extensively renovated, providing a blueprint for a new owner to continue upgrading the property to capture the approximately 47% in rent upside. The property’s exterior has been updated with new paint, new landscaping, a new fence, and a new facade. Select remodeled units feature new wood flooring, brand new countertops, stainless steel appliances, and fully remodeled bathrooms, helping to significantly improve achievable rents. In addition, the on-site laundry facilities provide a supplemental income stream to benefit the new owner. Nestled among the coveted studios and soundstages that saw a recent joint venture between The Blackstone Group and Hudson Pacific Properties, the property sits within the path of redevelopment. Just two blocks west, Sunset Las Palmas Studios features a newly-completed 128,000 square foot office building, while an upcoming 620,000 square foot office and studio redevelopment is set to begin only a few blocks northeast of the property. AvalonBay’s 695-unit AVA Hollywood property and world-renowned Rao’s restaurant are both within blocks of the building, endorsing the neighborhood’s desirability.

Investment Highlights

  • Excellent Value-Add Opportunity -- Approximately 47% Rent Upside to Achieve 6.92% Pro Forma CAP Rate
  • Desirable Hollywood Location -- Only 0.6 Miles to Sunset Boulevard and Blocks from Exclusive Hancock Park
  • Several Recent Capital Improvements, Including New Exterior Paint, New Facade, New Landscaping
  • Two Blocks from Recently Upgraded Sunset Las Palmas Studios, Site of Brand New 128,000 Square Foot Office Building
  • Well-Appointed Interiors, Featuring New Wood Flooring, Stainless Steel Appliances, New Countertops, and Remodeled Bathrooms
  • Attractive Price per Unit Compared to Similar Recent Hollywood Sales
  • Trendy Location Within One Block of Rao's Restaurant and Two Blocks from AvalonBay's AVA Hollywood Complex
  • Blocks from Pending Redevelopment of Sunset Gower Studios -- 620,000 Square Feet of New Office and Studio Space

Exclusively Listed By

Financing By

Listing Price: $2,250,000

Cap Rate
4.01%
Number of Units
8
Price/Unit
$281,250
Price/Gross SF
$341.27
Gross SF
6,593

Investment Highlights

  • Excellent Value-Add Opportunity -- Approximately 47% Rent Upside to Achieve 6.92% Pro Forma CAP Rate
  • Desirable Hollywood Location -- Only 0.6 Miles to Sunset Boulevard and Blocks from Exclusive Hancock Park
  • Several Recent Capital Improvements, Including New Exterior Paint, New Facade, New Landscaping
  • Two Blocks from Recently Upgraded Sunset Las Palmas Studios, Site of Brand New 128,000 Square Foot Office Building
  • Well-Appointed Interiors, Featuring New Wood Flooring, Stainless Steel Appliances, New Countertops, and Remodeled Bathrooms
  • Attractive Price per Unit Compared to Similar Recent Hollywood Sales
  • Trendy Location Within One Block of Rao's Restaurant and Two Blocks from AvalonBay's AVA Hollywood Complex
  • Blocks from Pending Redevelopment of Sunset Gower Studios -- 620,000 Square Feet of New Office and Studio Space

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 1026 N Hudson Avenue, an eight-unit multifamily property located in Hollywood, CA, between trendy Sunset Boulevard and affluent Hancock Park. Situated mid-block near the intersection of Highland Avenue and Santa Monica Boulevard, the property features five one-bedroom units and three two-bedroom units. Select apartments have been extensively renovated, providing a blueprint for a new owner to continue upgrading the property to capture the approximately 47% in rent upside. The property’s exterior has been updated with new paint, new landscaping, a new fence, and a new facade. Select remodeled units feature new wood flooring, brand new countertops, stainless steel appliances, and fully remodeled bathrooms, helping to significantly improve achievable rents. In addition, the on-site laundry facilities provide a supplemental income stream to benefit the new owner. Nestled among the coveted studios and soundstages that saw a recent joint venture between The Blackstone Group and Hudson Pacific Properties, the property sits within the path of redevelopment. Just two blocks west, Sunset Las Palmas Studios features a newly-completed 128,000 square foot office building, while an upcoming 620,000 square foot office and studio redevelopment is set to begin only a few blocks northeast of the property. AvalonBay’s 695-unit AVA Hollywood property and world-renowned Rao’s restaurant are both within blocks of the building, endorsing the neighborhood’s desirability.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower