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Multifamily

Chateau Nob Hill

2430 Ocean View Ave, Los Angeles, CA 90057

Listing Price: $13,500,000

Cap Rate
3.90%
Number of Units
52
Price/Unit
$259,615
Price/Gross SF
$255.34
Gross SF
52,871

Investment Overview

THG Multifamily, as the exclusive listing agent, is pleased to present the opportunity to acquire Chateau Nob Hill, a 52-unit multifamily asset located on Ocean View Avenue in the Westlake neighborhood -- directly adjacent to Downtown, Koreatown, and Silver Lake. Built in 1929, the Property is a seven story, art deco building that’s truly a one-of-a-kind asset in Los Angeles. With a Walk Score of 95, Chateau Nob Hill is ideally positioned to provide the ultimate living experience in a submarket with compelling demand drivers. Residents of the Property are in close proximity to the vibrant retail, restaurant, and nightlife scene that Silver Lake, Koreatown, and Downtown Los Angeles are known for. Additionally, the Property is a short walk from the Wilshire/Vermont metro station, providing residents car-free access to all of Los Angeles and major employment hubs in Hollywood, Downtown LA, and West LA/Santa Monica. As the landscape of Los Angeles is continuing to evolve with Mid-Wilshire/Koreatown expanding east and Downtown sprawling west, this seven-story jazz-aged asset is at the epicenter of Los Angeles’ future growth and development.

Investment Highlights

  • Ownership has proven renovation premiums on 6 of 52 existing units to date. By executing a renovation plan, investors will be able to effectuate $481 (31%) in rental upside.
  • Built in 1929, Chateau Nob Hill's historic elements and charm, sweeping city views, and rooftop deck are a clear leasing advantage in the marketplace.
  • The Property's revenue stream can be enhanced through Accessory Dwelling Units (ADU). Per city code, up to 13 ADU's can added to the building – an increase of 25% of the in-place unit count.
  • Minutes away from some of the City of LA's most prominent job centers: Downtown LA and Hollywood, 2430 Ocean Avenue provides tenants with a trendy neighborhood at a fraction of the cost (Westlake rents are 39% to 66% cheaper than Hollywood and Downtown LA, respectively) while still being close to jobs.
  • Two blocks from Wilshire Boulevard and minutes away from both Downtown LA and Koreatown. The property has a 95 Walk Score making it a walker's paradise with a wide array of restaurants, nightlife and other urban amenities all within walking distance.
  • Westlake is projected to see average annualized rent growth of 4.03% over the next 5 years.

Exclusively Listed By

Multifamily

Chateau Nob Hill

Listing Price: $13,500,000

Cap Rate
3.90%
Number of Units
52
Price/Unit
$259,615
Price/Gross SF
$255.34
Gross SF
52,871

Investment Highlights

  • Ownership has proven renovation premiums on 6 of 52 existing units to date. By executing a renovation plan, investors will be able to effectuate $481 (31%) in rental upside.
  • Built in 1929, Chateau Nob Hill's historic elements and charm, sweeping city views, and rooftop deck are a clear leasing advantage in the marketplace.
  • The Property's revenue stream can be enhanced through Accessory Dwelling Units (ADU). Per city code, up to 13 ADU's can added to the building – an increase of 25% of the in-place unit count.
  • Minutes away from some of the City of LA's most prominent job centers: Downtown LA and Hollywood, 2430 Ocean Avenue provides tenants with a trendy neighborhood at a fraction of the cost (Westlake rents are 39% to 66% cheaper than Hollywood and Downtown LA, respectively) while still being close to jobs.
  • Two blocks from Wilshire Boulevard and minutes away from both Downtown LA and Koreatown. The property has a 95 Walk Score making it a walker's paradise with a wide array of restaurants, nightlife and other urban amenities all within walking distance.
  • Westlake is projected to see average annualized rent growth of 4.03% over the next 5 years.

Investment Overview

THG Multifamily, as the exclusive listing agent, is pleased to present the opportunity to acquire Chateau Nob Hill, a 52-unit multifamily asset located on Ocean View Avenue in the Westlake neighborhood -- directly adjacent to Downtown, Koreatown, and Silver Lake. Built in 1929, the Property is a seven story, art deco building that’s truly a one-of-a-kind asset in Los Angeles. With a Walk Score of 95, Chateau Nob Hill is ideally positioned to provide the ultimate living experience in a submarket with compelling demand drivers. Residents of the Property are in close proximity to the vibrant retail, restaurant, and nightlife scene that Silver Lake, Koreatown, and Downtown Los Angeles are known for. Additionally, the Property is a short walk from the Wilshire/Vermont metro station, providing residents car-free access to all of Los Angeles and major employment hubs in Hollywood, Downtown LA, and West LA/Santa Monica. As the landscape of Los Angeles is continuing to evolve with Mid-Wilshire/Koreatown expanding east and Downtown sprawling west, this seven-story jazz-aged asset is at the epicenter of Los Angeles’ future growth and development.

Exclusively Listed By

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