Multifamily

Casa Real

Listing Price: $22,950,000

Cap Rate
3.30%
Number of Units
60
Price/Unit
$382,500
Price/Gross SF
$538.18
Gross SF
42,644

Investment Overview

Casa Real, located at 1354 North Harper Avenue, is an A+ West Hollywood location just south of Sunset Boulevard and west of Crescent Heights Boulevard. This four-story Mediterranean Revival-style apartment building was constructed in 1930. Casa Real has been designated a Historic Landmark and placed on the Local Register of Historic Properties by the City of West Hollywood. The City of West Hollywood has granted the property a Mills Act contract, which will lower the property taxes in perpetuity in exchange for the upkeep and maintenance. Casa Real totals 42,644 square feet and consists of 60 spacious units featuring 37 singles (440 to 510 square feet) and 23 one bedrooms (600 to 710 square feet). All units that have undergone renovations are finished with custom tile kitchens, new stainless-steel appliances, custom cabinetry and islands, quality hardwood flooring throughout, new windows, and tile bathrooms. Many of the units have exposed brick. The property will be delivered with nine vacancies at the close of escrow. True value-add opportunity with current loss-to-lease of over 48%. An investor can purchase this trophy asset with below market rents and continue the interior renovation strategy to achieve market rents as units turn. Ownership has recently upgraded the exterior of the building with a newly painted façade and window trim, restored Spanish red tiles on the stairway and updated Casa Real branding on the front of the building. The common areas including the lobby were renovated with new paint, tile and wood flooring, new doors and handrails as well as added seating and other furnishings. The backyard has been transformed into a community space complete with professional landscaping, new fencing throughout, LED string lights and multiple seating areas. Residents benefit from secured entry, subterranean parking with 23 spaces, an elevator, on-site laundry and a Walk Score of 91. Tenants enjoy being just two buildings away from the world-famous Sunset Strip and in very close proximity to Santa Monica Boulevard, which flourishes with boutique shops, dining and nightlife.

Investment Highlights

  • Casa Real, located at 1354 North Harper Avenue, is an A+ West Hollywood location just south of Sunset Boulevard and west of Crescent Heights Boulevard
  • This four-story Mediterranean Revival-style apartment building was constructed in 1930. Casa Real has been designated a Historic Landmark and placed on the Local Register of Historic Properties
  • The City of West Hollywood has granted the property a Mills Act contract, which will lower the property taxes in perpetuity in exchange for the upkeep and maintenance.

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

  • Jeff Benson

    Senior Vice President Investments

    (310) 909-5420

    Email Jeff

    License(s): CA: 01327285

    West Los Angeles

Listing Price: $22,950,000

Cap Rate
3.30%
Number of Units
60
Price/Unit
$382,500
Price/Gross SF
$538.18
Gross SF
42,644

Investment Highlights

  • Casa Real, located at 1354 North Harper Avenue, is an A+ West Hollywood location just south of Sunset Boulevard and west of Crescent Heights Boulevard
  • This four-story Mediterranean Revival-style apartment building was constructed in 1930. Casa Real has been designated a Historic Landmark and placed on the Local Register of Historic Properties
  • The City of West Hollywood has granted the property a Mills Act contract, which will lower the property taxes in perpetuity in exchange for the upkeep and maintenance.

Investment Overview

Casa Real, located at 1354 North Harper Avenue, is an A+ West Hollywood location just south of Sunset Boulevard and west of Crescent Heights Boulevard. This four-story Mediterranean Revival-style apartment building was constructed in 1930. Casa Real has been designated a Historic Landmark and placed on the Local Register of Historic Properties by the City of West Hollywood. The City of West Hollywood has granted the property a Mills Act contract, which will lower the property taxes in perpetuity in exchange for the upkeep and maintenance. Casa Real totals 42,644 square feet and consists of 60 spacious units featuring 37 singles (440 to 510 square feet) and 23 one bedrooms (600 to 710 square feet). All units that have undergone renovations are finished with custom tile kitchens, new stainless-steel appliances, custom cabinetry and islands, quality hardwood flooring throughout, new windows, and tile bathrooms. Many of the units have exposed brick. The property will be delivered with nine vacancies at the close of escrow. True value-add opportunity with current loss-to-lease of over 48%. An investor can purchase this trophy asset with below market rents and continue the interior renovation strategy to achieve market rents as units turn. Ownership has recently upgraded the exterior of the building with a newly painted façade and window trim, restored Spanish red tiles on the stairway and updated Casa Real branding on the front of the building. The common areas including the lobby were renovated with new paint, tile and wood flooring, new doors and handrails as well as added seating and other furnishings. The backyard has been transformed into a community space complete with professional landscaping, new fencing throughout, LED string lights and multiple seating areas. Residents benefit from secured entry, subterranean parking with 23 spaces, an elevator, on-site laundry and a Walk Score of 91. Tenants enjoy being just two buildings away from the world-famous Sunset Strip and in very close proximity to Santa Monica Boulevard, which flourishes with boutique shops, dining and nightlife.

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

  • Jeff Benson

    Senior Vice President Investments

    (310) 909-5420

    Email Jeff

    License(s): CA: 01327285

    West Los Angeles

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