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$ 17,500,000
Est. payment | /mo
68 Beds
68 Baths
48,752 SqFt
$ 17,500,000
Est. payment | /mo
68 Beds
68 Baths
48,752 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 48,752 sqft
Price per Sqft $358
MLS Listing ID 26105892
Bedrooms 68
HOA Y/N No
Year Built 2005
Lot Size 0.542 Acres
Property Description
Rare opportunity to acquire Hollywood View Towers, a 2005-built, LA RSO-EXEMPT 44-unit mixed-use multifamily asset on iconic Hollywood Boulevard. Spanning approximately 48,752 SF on a 23,627 SF LAR5 lot, the property features 41 well-appointed residences , four 1,455 SF three-bedroom/two-bath units, 26 spacious 1,104 SF two-bedroom/two-bath units, and 11 one-bedrooms plus 3 ground-floor retail suites that diversify the income stream. Units offer contemporary finishes, many with private balconies and views of the Hollywood Hills, while residents enjoy controlled access, elevator service, a sundeck, on-site laundry, and subterranean parking. The location is exceptionally connected: Walk Score 87 (Very Walkable), an 8-minute walk to the Hollywood/Western Metro B Line station, and a 9-minute drive to Downtown LA, with tenant demand anchored by Netflix, Paramount Pictures, Children's Hospital Los Angeles, and Kaiser Permanente in a zip code that is 83% renter-occupied. Built in 2005 and exempt from the LA Rent Stabilization Ordinance, the asset offers rent growth governed by state law rather than the city's more restrictive caps a rare and valuable attribute in a Hollywood market dominated by pre-1979 stock. Current rents average $2.65/SF against $2.95/SF at market, growing NOI from $986,363 to $1,137,276 and the cap rate from 5.64% going-in to 6.50%. At $397,727/unit and just $359/SF below the recent comp set average of $412/SF Hollywood View Towers is an outstanding opportunity to acquire modern construction, scale, and operational freedom in one of Los Angeles' most dynamic rental submarkets.
Location
State CA
County Los Angeles
Area C20 - Hollywood
Zoning LAR5
Interior
Heating Wall Furnace
Fireplace No
Exterior
Parking Features Underground
Total Parking Spaces 73
Building
Story 4
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 5586035041
Special Listing Condition Standard
Listed by Jacob Plewa REMAX COMMERCIAL & INVESTMENT REALTY #02041641
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