Introducing an exceptional investment opportunity in the heart of Hollywood! This well maintained corner 6-unit building is perfectly positioned in a prime location, between Santa Monica Blvd and Melrose Ave, close to Paramount Studios. This property offers the ultimate in urban convenience, providing easy access to the city's vibrant lifestyle and amenities.The building boasts a diverse mix of units, featuring 4 one-bedroom and 2 two-bedroom apartments, complemented by 5 dedicated parking spaces and an in-house laundry facility. Several units have already been tastefully updated, ensuring a modern living experience for tenants. The attractive Gross Rent Multiplier (GRM) and cap rate make this property an ideal candidate for a 1031 exchange. Enjoy the benefits of consistent rental income and potential appreciation over the years. Alternatively, the lot presents outstanding development potential, offering a canvas for visionary projects. Strategically located within the Hollywood Community Plan and designated as a Transit Oriented Community Tier 2, this property is within half a mile of a major transit stop. This prime positioning allows for additional square footage in new developments, with a Floor Area Ratio (FAR) of 3:1. The current building entrance on Waring offers a potential total square footage of 9,152 sqft, while relocating the entrance to Hudson could expand this to an impressive 13,038 sqft. With an assumed exit price of $900 per sqft for condo living space, the potential exit value could reach $11,735,000. This estimate does not account for further additional square footage opportunities afforded by TOC Tier 2 and Transit Corridor eligibility, presenting even greater potential for savvy investors. Please note that this information is based on research from Zimas.lacity.org, city offices, and conversations with city employees, and is provided as an opinion only with no implied guarantee of accuracy. Interested parties are encouraged to conduct their own research with trusted professionals. For those interested in exploring this opportunity further, detailed information is available upon request. Please be advised that interior access is granted with an accepted offer only, and we kindly ask that you do not disturb the tenants. Thank you for your understanding and cooperation. Buyer to co-operate with Sellers' 1031 exchange at no cost to Buyer.
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DAYS ON MARKET
|
1
|
LAST UPDATED
|
4/22/2025
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|
YEAR BUILT
|
1950
|
COMMUNITY
|
Hollywood
|
|
COUNTY
|
Los Angeles
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STATUS
|
Active
|
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PROPERTY TYPE(S)
|
Residential Income
|
|
|
| AIR |
None |
| APPLIANCES |
Dryer, Washer |
| AREA |
Hollywood |
| GARAGE |
Detached Carport |
| HEAT |
Wall Furnace |
| INTERIOR |
Ceiling Fan(s) |
| LOT |
7482 sq ft |
| PARKING |
Detached Carport |
| STORIES |
2 |
| VIEW DESCRIPTION |
None |
| ZONING |
LAR3 |
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Listed with Coldwell Banker Realty
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 4/22/25 8:25 PM PDT 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
This IDX solution is (c) Diverse Solutions 2025.
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