Address: 5757 La Mirada Ave, Los Angeles, CA 90038, USA, Los Angeles, California, US
Created date: September 30, 2023
Date last updated: October 2, 2023
The Liberow Group of Marcus & Millichap proudly presents this meticulously maintained 20-unit multi-family community situated in a prime location within Hollywood. With a charming garden-style layout, the property offers a diverse unit mix, comprising (4) single units, (14) one bedroom/one bath units, and (2) two bedroom/one bath units. The property itself provides desirable amenities such as a courtyard, convenient laundry room, and gated parking. Positioned just three blocks north of Santa Monica Boulevard on La Mirada Ave, this property earns an impressive Walk Score of 88. Residents enjoy convenient access to a plethora of upscale dining options, shopping venues, and top-notch entertainment choices that epitomize the glamour of Hollywood.
For the discerning buyer, this property offers tremendous potential. Currently, there is approximately 30% upside potential based on the existing rental rates, providing ample opportunity for an investor to add value. Notably, the property comes with "RTI" (ready
to issue) plans for two ADU units, totaling 2500 SF*, to be constructed above the carport garages. Once these additional units are built, we estimate that they could generate an extra $5000 per month in rental income (buyer to verify and conduct their own rental survey). Additionally, this listing is located within a qualified opportunity zone, rendering it a perfect investment opportunity for long-term investors looking for tax benefits.
The Hollywood area is renowned for its prestigious studios, which form the beating heart of the global entertainment industry. These studios serve as the birthplace of countless iconic films, television shows, and digital content that captivate audiences worldwide. Notably, Netflix HQ is one block away and within walking distance. Not too far away are iconic studios such as Paramount Pictures, Universal Studios, Warner Bros., and Walt Disney Studios. These world renowned studios in Hollywood not only contribute to the city's economic growth but also represent a symbol of dreams coming to life, as they continuously shape the ever-evolving landscape of the entertainment industry.
If you are an investor with a long-term perspective who is bullish on the Los Angeles market, this represents an excellent opportunity to establish a strong foothold within the thriving Hollywood submarket.
*Please note that the additional ADU square footage and units were not taken into consideration when calculating the price per square foot and the price per unit for the subject property.