Property Details

Price $2,110,000

Year Built 1956

# of Units 9

Price P/ Unit $234,444

Sq. ft. 7,356 SF

Price p/ Sq. ft. $287

Current Cap Rate 4.29%

Proforma Cap Rate 8.15%

Lot Size 8,774 SF

Zoning LARD1.5.-XL

About the Property

Kenny Stevens Team is please to present this nine unit value-add property in East Hollywood offering a solid current CAP rate with the opportunity for substantial rental upside. Located just north of Melrose Ave. (between Normandie and Western), 719 N. Kinglsey is centrally located to several neighborhood thoroughfares filled with an array of independent businesses, a city college (LACC) and large Hollywood employers. This value-add opportunity currently generates approx. $12,200+ in gross monthly income with the opportunity for 58% upside in rents, based on renovated units in the area. We anticipate the future owner could generate approx. $19,200+ in gross monthly income. Additional property amenities include soft-story retrofitting completion, 9 parking spaces and a community laundry room.

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