Executive Summary

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• The Neema Group of Marcus & Millichap is pleased to present 1031 N Laurel Ave, a seven-unit value-add investment opportunity located in a prime location of West Hollywood just south of Santa Monica Blvd between Crescent Heights Blvd and N Fairfax Ave, a location that attracts high-end renters and is walking distance to numerous high-end restaurants and amenities such as Laurel Hardware, Ysabel, Delilah, among others
• The subject property features an ideal unit mix of spacious units consisting of one one-bedroom unit, four two-bedroom units, and two three-bedroom units; one of the three-bedroom units will be delivered vacant at the close of escrow, allowing an investor to renovate and achieve market rent for that unit immediately
• The majority of the units are leased at below market rents, providing an investor the opportunity to capture 49% rental upside through interior unit renovations as units turn; offered at a low $286 PSF at the asking price
• Units are well-kept but provide an investor the opportunity for further enhancements to maximize rents such as recessed lighting, vinyl-plank flooring, updated bathrooms, quartz countertops, and new windows
• There are ten gated, secure parking spaces; gas and electricity are separately metered
• High Walk Score of 95 with endless entertainment options within a mile radius; proximity to schools, employment, and transit options gives residents an easy commute throughout the city to prominent areas such as Beverly Hills, Hollywood, and Beverly Grove
• West Hollywood is one of the most coveted multifamily submarkets in Los Angeles and a top destination attracting those in entertainment, fashion, and entrepreneurship

Area Overview

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. 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.

West Hollywood’s culinary landscape is the envy of Los Angeles. Trendy hotspots, historic restaurants and beloved neighborhood diners line the streets, featuring diverse and innovative cuisine from award-winning chefs. Well-known restaurants include AGO, Eveleigh, Catch, Katana, ROKU, BOA Steakhouse, Chateau Marmont, Craig’s, Cecconi’s, and many more. In addition to the fine dining venues, West Hollywood offers many relaxing cafés, boutique eateries, and other local favorites such as Dan Tana’s, Gracias Madre, Hugo’s, The Den, Marco’s Trattoria, Los Tacos, and Le Petit Bistro.

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