1335 N Citrus Ave is a 9-unit multifamily property located one block south of Sunset Blvd and one block west of Highland Ave in central Hollywood . The location is what anchors the deal. This is a residential pocket positioned between Sunset, Santa Monica Blvd, and Hollywood Blvd, placing tenants within immediate reach of Hollywood’s core entertainment district while also sitting adjacent to West Hollywood and the Melrose corridor.

Built in 1962, the property features a 2-story layout with exterior breezeways and a central circulation corridor. The setup is straightforward and efficient, with direct access to each unit and no unnecessary complexity from an operational standpoint.

A Location That Connects Multiple Hollywood Corridors

1335 N Citrus Ave sits within walking distance of Hollywood Blvd and Highland, while also positioned minutes from Santa Monica Blvd and La Brea. This part of Hollywood functions differently than more isolated pockets. Tenants are not reliant on a single retail street. Sunset Blvd, West Hollywood, and the Melrose District are all accessible within a short drive or walk, creating multiple options for dining, nightlife, and day-to-day retail.

Unit Mix That Aligns With Hollywood Renter Demand

The property consists of (2) 2-bed / 2-bath units and (7) 1-bed units . In Hollywood, this mix continues to perform. The 1-bed units serve the core renter base of individuals and couples, while the 2-bed layouts provide flexibility for roommates or tenants needing additional space for work-from-home use.

The building appears well maintained and is professionally managed, supporting stable day-to-day operations. Amenities include controlled access, a community laundry room, and a combination of front and rear parking with alley access. A soft-story retrofit has reportedly been completed, subject to buyer verification.

Financials Positioned Below Recent Hollywood Sales

1335 N Citrus Ave is offered at $2,300,000, equating to $255,556 per unit and $323 per SF. The property operates at a 5.73% CAP and 11.00 GRM on current rents. Based on renovated rental comparables in the surrounding Hollywood submarket, the property offers approximately 17% rental upside, with projected stabilization at a 7.22% CAP and 9.42 GRM.

The basis compares favorably to several recent neighborhood transactions. Nearby sales have traded in the range of $270,000 to $306,000 per unit depending on condition and positioning, placing 1335 N Citrus Ave below several comparable benchmarks. The current income provides a stable baseline, while the upside is supported by market comps rather than aggressive assumptions.

Central Hollywood Positioning With Consistent Demand Drivers

The surrounding area is supported by a dense concentration of restaurants, cafés, nightlife venues, and production-related employers throughout Hollywood and West Hollywood. Tenants are drawn to this part of the market for its proximity to entertainment, media, and creative industries, along with access to multiple established retail corridors. Unlike newer submarkets that rely on future development, this location is already built out and functioning.

Conclusion

1335 N Citrus Ave offers 9 units in a central Hollywood location with direct access to Sunset Blvd, Highland Ave, and the surrounding West Hollywood and Melrose corridors. The combination of competitive pricing, stable current income, and measurable rental upside positions the property as a straightforward acquisition in a submarket where demand is driven by location and access rather than future development.

For buyers evaluating Hollywood multifamily opportunities near Sunset Blvd and West Hollywood, our current listings can be viewed here.