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4 Units to Be Delivered Vacant! Excellent 10 Unit Multi-Family Income Property Offering Directly Across From and Next to New Luxury Construction! 5.9% IN-PLACE CAP in Prime Hollywood Location! 10 Units on Beachwood Drive for $2,049,000! We are pleased to exclusively offer for sale 1140-42 N. Beachwood Drive, a 10 unit apartment building located in the heart of Hollywood's bustling studio district. Offered well below replacement cost at $204,900 per unit, 1140-42 N. Beachwood Drive offers a new owner a going in 5.9% cap and a 11.1 GRM upon remodeling and re-leasing of 4 units that will be delivered vacant. Situated on a 6,752 SF lot zoned R3, the property features a detached parking structure that could potentially be converted to 4 New ADU units (Buyer to verify total number of ADUs possible). Some units have bee upgraded with new floors and appliances, 30% income upside potential still remains even after the 4 vacant units are remodeled and re-leased at market rent. Amazing opportunity to acquire 10 apartment units in the middle of the action! Don't miss this amazing opportunity to acquire 10 units in the heart of Hollywood's Studio District, surrounded by new jobs and high end for sale residential! Brand new construction townhouse units right across the street - 1153 Beachwood Drive - each unit renting for $6,750 each and for sale townhomes directly next door selling for $1.5 million per unit! 1140 N. Beachwood Drive's prime location puts residents in close proximity to popular dining destinations like La Fonda Antioquena, Dave's Hot Chicken, Jitlada Restaurant, and Canter's Deli. Entertainment and cultural attractions abound, including The Hollywood Museum, Paramount Theatre, Barnsdall Art Park, and the American Cinematheque. Shopping and entertainment options are readily available at Ovation Hollywood, West Hollywood Gateway, Catalina's Supermarket, and Pavilions. The property is also conveniently located near major employers like Paramount Pictures Studio Tour and esteemed educational institutions such as Joseph Le Conte Middle School, STEM Academy Of Hollywood, Bernstein High School, and Hollywood Elementary School. One block south of the subject property, the transformative Echelon Studios development is taking shape, a $450-million project by Bardas Investment Group and Bain Capital Real Estate. Spanning a full city block at 5601 Santa Monica Blvd, this state-of-the-art studio complex will feature nearly 500,000 square feet of production studios and support space, alongside creative offices and retail, with completion slated for 2026. This cutting-edge campus, replacing a former Sears site, is poised to elevate the area's profile as a hub for entertainment and innovation, enhancing the value and appeal of nearby properties.
Property Type(s):
Residential Income
| Last Updated | 9/30/2024 | Year Built | 1956 |
|---|---|---|---|
| Community | Hollywood | County | Los Angeles |
Price History
| Prior to Sep 30, '24 | $2,095,000 |
|---|---|
| Sep 30, '24 - Today | $2,049,000 |
Additional Details
| AIR | Wall/Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Refrigerator |
| AREA | Hollywood |
| GARAGE | Carport, Detached Carport |
| HEAT | Wall Furnace |
| LOT | 6754 sq ft |
| LOT DIMENSIONS | 50x135 |
| PARKING | Carport,Detached Carport |
| STORIES | 2 |
| VIEW | Yes |
| VIEW DESCRIPTION | City Lights,Hills |
| ZONING | LAR3 |
Location
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Listed with Dana Brody
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