Executive Summary

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• The Neema Group of Marcus & Millichap is pleased to present 1212 N Fuller Ave, a 10-unit value-add investment opportunity located in a prime location of West Hollywood between Fountain Ave & Santa Monica Blvd, a location that attracts high-end renters and is walking distance to numerous restaurants and amenities
• Long-time ownership, this is the first time the property has come to market in over 50 years
• The subject property features an excellent unit mix of one bachelor, three one-bedrooms, five two-bedrooms, and one three-bedroom with gated parking and eight spaces
• The majority of the units are leased at below market rents, providing an investor the opportunity to capture 68% rental upside through interior unit renovations as units turn; the three-bedroom unit will be delivered vacant at the close of escrow, allowing an investor to renovate and achieve market rent for that unit immediately
• 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
• At the rear of the property, there is common area outdoor space that has the potential for an investor to build an ADU (Buyer to verify)
• At the asking price, the property is being offered at a low $295,000 per unit and $337 PSF
• There is common area laundry with one washer and one dryer, leased with Wash; the building is separately metered for gas and electric
• The property is blocks from The Lot West Hollywood that is home to major employers such as Ticketmaster, HBO, and Showtime, among others
• High Walk Score of 91 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
• The property is within walking distance to amenities such as Trader Joe’s, Smart & Final, Harlowe, Blackwood Coffee Bar, among others
• 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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