635 N Harvard Blvd
- Unit Mix of (2) 3BR/2.5BA, (2) 3BR/2BA, (2) 2BR/1BA and (1) Studio
- 6,398 SF of living area on a 7,507 SF R3-1 lot
- Three duplexes completed in 2020 and an ADU added in 2022.
- In-unit laundry in all seven residences; carports under the center and rear duplexes
Property Description
We are pleased to present 635 N Harvard Blvd, a seven-unit apartment property in East Hollywood. Three three-story duplexes were completed in 2020, and an accessory dwelling unit followed in 2022. The mix is four three bedroom townhome plans, two two bedroom units and a studio, 6,398 square feet of living area on a 7,507 square foot R3-1 lot. The investment case is newer construction with in-place income and about 9% rental upside at market. The six duplex residences are separately metered, and carports sit under the center and rear buildings. Newer product is scarce in this ZIP: 423 of its 26,308 housing units were built in 2020 or later. The offering fits 1031 buyers and private investors seeking recent construction. The property is on Harvard Blvd near Melrose Ave and Western Ave in East Hollywood, a neighborhood of apartment buildings between Hollywood and Koreatown. Walk Score rates the block 91, a Walker's Paradise. Los Angeles City College is 0.8 miles away and Barnsdall Art Park 1.4 miles. Paramount Pictures is 0.9 miles away on Melrose Ave. Kaiser Permanente Los Angeles Medical Center and Hollywood Presbyterian Medical Center are each 1.3 miles away, and Children's Hospital Los Angeles is 1.3 miles. ZIP 90004 is 84% renter-occupied, with a median household income of $64,826. Its housing is mostly older stock: 60% of the ZIP's units were built before 1970.
Key Property Information
| Listing Status: | Available |
|---|---|
| Property Types: | Apartment Buildings |
| Price: | $3,300,000 |
| No. of Units: | 7 |
| Cap Rate: | 5.41% |
| GRM /GIM: | 13.19 |
| Year Built: | 2020 |
| Building Size: | 6,398 Sq ft |
| Lot Size: | 0.17 Acres |
| Opportunity Zone: | No |
| Price per unit: | $471,429 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Alex Tapia | 818-212-2767 | [email protected] |
| Glen Scher | 818-212-2808 | [email protected] |
| Filip Niculete | 818-212-2748 | [email protected] |
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