Property Details

Price $8,500,000

Year Built 1928

# of Units 37

Price P/ Unit $229,730

Sq. ft. 30,050

Price p/ Sq. ft. $283

Current Cap Rate 4.83%

Proforma Cap Rate 7.03%

Lot Size 8,004 SF

Zoning [Q]R4-2

About the Property

Kenny Stevens Team is pleased to present 6720 Franklin, a vintage 1920’s character brick building located in the rapidly developing center of Hollywood, located 2 blocks north of Hollywood Blvd. and Highland Ave. The property’s strategic location offers compelling fundamentals, abundant entertainment and dining amenities and convenient access to employment and educational centers. Additionally, residents benefit from proximity to public transit including multiple bus lines and a Metro subway station (Hollywood/Highland) just 2 blocks away. Please note, the building is master-metered for gas and electricity, allowing for a 5% rent increase annually (when there is no rent freeze). This value-add opportunity currently generates $57,300+ in gross monthly income with the opportunity for 28% upside in rents, based on renovated units in the area.

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