7% Cap Upon Lease Up of 6 Vacant Units! We are very proud to exclusively present 1140 N. Beachwood Drive, a 10-unit multifamily property located in the heart of Hollywood's Studio District. Now priced at $2,195,000 this property offers an outstanding value-add opportunity in one of Los Angeles' most sought-after… Read More rental submarkets. Six of the ten units will be delivered vacant, allowing new ownership to immediately renovate and re-lease at top market rents upon close of escrow. Upon the immediate renovation and lease-up the 6 vacant units, the property is projected to achieve a 7.04% cap rate and 9.8 GRM, offering excellent cash flow and appreciation potential. Situated between Santa Monica Boulevard and Sunset Boulevard, 1140 N. Beachwood Drive benefits from its proximity to major employers such as Netflix, Sunset Gower Studios, and Sunset Bronson Studios, as well as a wave of surrounding new development. The property is located a very short distance from several popular dining and entertainment destinations.1140 N. Beachwood Drive is ideally positioned in a high-demand rental pocket with strong fundamentals and consistent tenant demand. The property's immediate surroundings feature numerous new developments, including luxury townhomes selling for nearly $1.5 million each and renting for $6,750 per unit, demonstrating the strength of the submarket. Just one block away, the transformative Echelon Studios project, a $450 million, 610,000-square-foot creative campus by Bardas Investment Group and Bain Capital Real Estate is set to redefine the area as a hub for entertainment and innovation. The development will bring hundreds of new jobs and further enhance property values in the neighborhood. Nearby dining and retail options include Dave's Hot Chicken, Jitlada Restaurant, Canter's Deli, Ovation Hollywood, West Hollywood Gateway, and Catalina's Supermarket, along with numerous cultural and entertainment landmarks such as The Hollywood Museum, Paramount Theatre, Barnsdall Art Park, and the American Cinematheque. Educational institutions in the area include Joseph Le Conte Middle School, STEM Academy of Hollywood, Bernstein High School, and Hollywood Elementary School. 1140 N. Beachwood is a prime Hollywood Studio District 10-unit property - 6 of 10 units delivered vacant - Ideal value-add opportunity with 7% cap and 9.8 GRM pro forma after renovation and lease-up of just the already vacant units. Separately metered for gas & electric, 6 parking spaces, no seismic retrofit required. Excellent walkable location near Netflix, Sunset Gower Studios, and the transformative Echelon Studios development. Priced well below replacement cost at $220K per unit - Rare chance to own in a high-demand rental pocket with major upside! Read Less
Property listed by Dana Brody, Dana Brody 818-212-2757
Listing Snapshot
Days Online
88
Last Updated
Beds
2
Square Ft.
5,343
Lot Size
0.16 Acres
Year Built
1956
MLS Number
25597357
Additional Details
Appliances & Equipment
Dishwasher
Building
Built in 1956, Living area: 5343.0, 1 building, Building faces West, 2 stories, Levels: Two
Community
Gated
Heating
ForcedAir
Income
Gross Income: $218,256, Net Operating Income: $142,015
Interior Features
CeilingFans
Lot
0.1551 acres, Dimensions: 50x135
Parking
6 total parking spaces, Carport, DetachedCarport
Property
CityLights
Security Features
GatedCommunity
Taxes
Parcel Number: 5534014019, Zoning: LAR3
Tenant Pays
Electricity, Gas
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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