Executive Summary

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The Neema Group of Marcus & Millichap is pleased to present 1312 Citrus Ave, in Hollywood, CA. Built in 1953, this unique property made up of eight units will be delivered with one unit vacant (one one-bedroom). This is an ideal investment opportunity located in a prime area of Hollywood with below market rents and 50% upside achievable as units turn. 

The building features a unit mix made up of five one-bedrooms and three two-bedrooms, each with spacious layouts. The property consists of 7 parking spaces, the soft story retrofit has been complete. The units are separately metered for gas & electric and have air conditioning throughout. Furthermore, a new water heater was installed in 2019. 

This exclusive pocket of Central Hollywood remains one of the most desirable addresses for both living and working. With the median household income continuing to rise and average home value of over $1 million within three miles, the demand for apartment units increases year-over-year exemplified with surrounding new residential and office developments as well as major employers established in the submarket. 1312 N Citrus Avenue is ideally situated to benefit from this economic growth as thousands of new high-paying jobs are within walking distance. The subject property boasts a walk score of 96 with unparalleled access to nightlife, dining, education and employment opportunities – Hollywood High School is located 2 blocks away. The Metro B Line (Red) is a short 10 minute walk to the Hollywood / Highland Station stop providing connectivity throughout the LA area. 

Area Overview

Hollywood is world renowned as the “entertainment capital of the world.” This iconic neighborhood is one of the most prestigious in the world, populated with many successful lawyers, studio executives, and celebrities. The surrounding area is filled with world-class shopping, dining, tourist attractions and hiking trails, including Runyon Canyon, one of the most popular trails in Los Angeles. In recent years developers have transformed the area into a mixed-use community for people to live, work, and play. 

The history of movie production in Hollywood dates to the early 1900s, exemplified by landmarks such as the Egyptian and Chinese theaters. While many studios have relocated to neighboring communities such as Studio City and Burbank, the neighborhood remains a primary location for pre and post-production processes. Today, Hollywood is renowned for its tourist attractions, which draw more than 25 million visitors annually. 

The famed Sunset and Hollywood boulevards offer visitors an endless array of entertainment and historic destinations, including the Hollywood and Highland complex, El Capitan Theatre, the Pantages Theatre, the Hollywood Walk of Fame, and a variety of trendy restaurants and night-clubs. Other attractions in the area feature the Hollywood Bowl, Runyon Canyon, and the Griffith Observatory 

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