Property Details


Year Built: 1962
Units: 10
Price / Unit: $390,000
Price / SqFt: $415.29
CAP: 3.21%
GRM: 17.38

Executive Summary


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The Neema Group of Marcus & Millichap is pleased to present 1011 N Laurel Ave, a 10-unit value-add investment opportunity located in the heart of West Hollywood. Located just south of Santa Monica Blvd, this asset is ideally located with walkability to numerous entertainment options and restaurants such as Laurel Hardware, Ysabel, Delilah, among others. The building features an excellent unit mix of spacious seven one-bedrooms, two two-bedrooms, and one three-bedroom townhouse with parking. The majority of the units are below-market, providing an investor the opportunity to capture the 50% rental upside through interior unit renovations as units turn.

West Hollywood is one of the most coveted multifamily submarkets in Los Angeles and a top travel destination attracting those in entertainment, fashion, and entrepreneurship. High Walk Score of 93, proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city and to nearby neighborhoods such as Beverly Hills, Hollywood, and Beverly Grove.

Area Overview

WEST HOLLYWOOD

West Hollywood (“WeHo”) is located in the eastern portion of the West Los Angeles area. The city is bounded by the community of Hollywood to the north, east, and south; and the city of Beverly Hills to the west.

Today, West Hollywood is a top travel destination among the entertainment industry and LGBT global community. West Hollywood’s stylish hotels attract the well-traveled with their dedication to providing premium service and personalized experiences. The scene is densely packed into 1.9 walkable square miles, including a vast culinary landscape, the Sunset Strip’s notorious nightlife, Pacific Design Center (PDC) and designer flag-ships lining The West Hollywood Design District, celebrity hot spots, global annual events, premier spas and fitness, entertainment and much more.

With over 33,000 people living within a 1-mile radius and an average household income of $129,000 the continued demand for housing and hotels in the area has led to a healthy increase in new developments including the recently completed Pendry Hotel & Residences, which include a 149-room boutique hotel on Sunset Blvd with 40 luxury residential condominiums with entrance on Fountain Ave.

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