The Neema Group of Marcus & Millichap is pleased to present 1140 N Beachwood Dr, a 10-unit value-add investment opportunity in Hollywood. Located just west of the 101 and north of Santa Monica Blvd, this asset is ideally located in a heavily populated submarket. The building features a great unit mix of eight singles and two one-bedrooms. An investor has the opportunity to add value through renovations and achieve the 37% rental upside as units turn. The property features 6 parking spaces in the back of the building with no soft story retrofit work required and a gated, secure entrance.
The subject property is centrally located in the densely populated submarket of Hollywood with easy access to the 101 Freeway as well as multiple Metro Local Lines within walking distance on Santa Monica Blvd. A high walk score of 90 allows residents to accomplish most errands on foot. This neighborhood continues to grow at a rapid pace and has seen new developments flourish nearby.
Most recently, companies specializing in streaming media, virtual reality, and website development have been flocking to Hollywood to occupy the large swaths of class “A” commercial space being introduced to the market.
The most notable example is Netflix’s lease of Icon (323,000 SF) and Cue (92,000 SF) office buildings at Sunset Bronson Studios. As the company has approximately $16 billion in obligations committed to streaming content, “the Netflix Effect” is creating even more economic momentum in the submarket by attracting new employers and more high-paying jobs to Hollywood.
This momentum will have a rising tide effect on real estate values in Hollywood, and in particular, the properties located near the intersection of Vine Street and Sunset Boulevard which is fast becoming the economic center of Hollywood