1321 N Sycamore Ave

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Address: 1321 N Sycamore Ave, Los Angeles, CA 90028, USA
Created date: June 14, 2024
Date last updated: July 10, 2024
  • ♦ Renovated, Non-Rent Controlled Asset Between Two of Los Angeles’ Most Coveted Submarkets – Hollywood and West Hollywood
  • ♦ Core-Plus Asset
  • ♦ Approximately $1M in CapEx Spent over the Last Ten Years.
  • ♦ Stainless Steel Appliances, Quartz Countertops, Wood Flooring, Trespa Wood Balconies, Glass Front Lobby, Fitness Center, Bright Central Lightwell, Outdoor Dining Area.
  • ♦ Near Immediate Ability to Bring Full Market Rents to All Units.
  • ♦ Micro-Market Incredibly Rich in Cultural and Entertainment Amenities.
  • ♦ Proximate to Numerous Mass Transit Options.
  • ♦ Easily Accessible from Most of the Los Angeles Basin.
  • ♦ Exceptional 65 Stall Parking for 39 Units/57 Bedrooms.
  • ♦ Laundry Facilities on Every Floor.

Property Description

Sycamore House located at 1321 North Sycamore Avenue is a 32,121 square foot apartment building comprised of 39 units (6x Studio, 15x 1Bd/1Ba, 3x 2Bd/2Ba and 15x 2Bd/Ba) on 16,075 square feet of land. It is comprised of three stories with an additional parking level below-grade. The Subject Property was constructed in 1987 and, as such, is a non-rent controlled asset. It was fully renovated in 2013 and units feature a number of highly-desirable improvements including quartz countertops, stainless steel sinks, white tile backsplashes and high-end wood plank flooring. The common areas feature a fitness center with dry sauna, fireside lounge, gas barbecue and laundry facilities on each floor. Currently operating as a student housing facility for the American Academy of Dramatic Arts (AADA), an accredited university, the Property has the advantage of no existing leaseholds or tenant issues. The Property will be delivered approximately fifty percent vacant at the close of escrow, with the remaining half leased at market rates by AADA through July 2025. This will provide a buyer with the opportunity to renovate or lease up the vacant spaces and achieve market rates well within the first year of operation.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $17,500,000
No. of Units: 39
Year Built: 1987
Lot Size: 0.37 Sq ft
Opportunity Zone: No
Price per unit: $448,718
Property Website Click Here
Address: 1321 N Sycamore Ave, Los Angeles, CA 90028, USA
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