Property Details
Year Built: 1951/2020
Units: 22
Price / Unit: $295,445
CAP: 3.83%
GRM: 15.26
Executive Summary
EXECUTIVE SUMMARY
- The Neema Group of Marcus & Millichap is pleased to present 990 Palm Avenue, West Hollywood. CA 90069. Built in 1951 and renovated in 2020, this 22-unit property is located in the premier West Hollywood neighborhood between Holloway Drive and Santa Monica Boulevard, a location featuring some of the city’s most famous restaurants, bustling entertainment and nightlife scenes, local cafes, and boutique shopping destinations.
- 990 Palm Avenue totals 9,158 SF featuring a unit mix that includes 21 singles and 1 one-bedroom. This turnkey investment provides an investor the opportunity to acquire a building with recent capital expenditures and zero deferred maintenance required. The subject property is being offered at a low price per square unit of $295,455.
- 19 of 22 units have been recently renovated with gourmet kitchens featuring stainless-steel appliances (gas oven with designer range top, refrigerator, and microwave), quartz countertops and new cabinetry. The units also feature a designer bathroom with pedestal sink, stylish shower tiles, mirrored closet doors in the dresser area, wood inspired flooring in the living/bedroom area, sleek porcelain tiles in the kitchen and bathroom, large wall-to-wall and walk-in closets, and a designer lighting and finishes package.
- The building is set on a 12,477 SF lot with community amenities including controlled-access entry, a retreat courtyard with a firepit and barbecue. Furthermore, the property features community laundry and 18 parking spaces which are leased on separate addendums.
- West Hollywood is one of the most coveted submarkets in Los Angeles and a top travel destination attracting those in entertainment, fashion, and entrepreneurship. The subject property boasts a high walk score of 91, a “walker’s paradise”. Prominent dining and nightlife is in close proximity to the building including Sur Restaurant and Lounge, The Abbey, Troubadour, The Viper Room, Night+Market, Dialogue Cafe, Rainbow Bar & Grill, The Roxy Theatre, 1 OAK, and so much more.
