9
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$1,865,000
Est. payment /mo
2,665 SqFt
Active
7506 Norton Avenue West Hollywood, CA 90046
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Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 2,665 sqft
Price per Sqft $699
MLS Listing ID CL26637909
HOA Y/N No
Year Built 1924
Lot Size 6,120 Sqft
Acres 0.1405
Property Sub-Type Other
Property Description
Available for an attractive 6.17% CAP Rate and 11.27 GRM, a new investor can benefit both from the property's strong immediate cash flow and from its substantial rent upside. With multiple apartments in the building already achieving rents of $3,000 per month, eventually bringing the remaining units to that rent level represents a potential 45% increase in revenue. According to recent reports from Niche.com, West Hollywood ranked #1 out of 111 neighborhoods in Los Angeles County among the Best Suburbs for Young Professionals, and ranked #2 in the entire state of California. With 80% of the West Hollywood population residing in rental housing, these semi-private one-bedroom bungalows are extremely attractive to this demographic, helping to boost both demand and rental rates. The property has earned a Walk Score of 93, which qualifies the immediate neighborhood as a "Walker's Paradise." Residents enjoy convenient access to the nearby Whole Foods Market, Trader Joe's, and Plummer Park. Within a short driving distance are The Grove, Beverly Hills, the Sunset Strip, Runyan Canyon, and numerous other destinations in both the Hollywood and West Hollywood areas.
Location
State CA
County Los Angeles
Zoning WDR2*
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 5530010011
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Listed by Roderick 'Rick' Raymundo • Marcus & Millichap
A FEW WORDS FROM PAST CLIENTS
NEARBY SCHOOL & BUSINESS
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Mike & Jules Guzzardo Team With Jenny Biczkow
Realtor | r01066846,01955798,02086289
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