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5826 Carlton Way presents a rare opportunity to acquire a historically significant multifamily asset in the heart of Hollywood. Built in 1924 by Paramount Pictures to house its actors during the Golden Age of cinema, this character-rich property known today as Carlton Canyon Apartments offers a blend of classic architecture and modern living amenities. Offered as a portfolio sale at $8,550,000, the package includes the 36-unit + 2 ADU's apartment building priced at $7,750,000, and a separately parceled 4,468 SF parking lot across the street listed at $800,000. Zoned Q R4-1VL, Tier 3 TOC, the lot presents a compelling development opportunity. While a high-density build of ~20 units is feasible, a more straightforward approach could be a 3-story multifamily structure with fewer units. The two parcels are described under separate APNs with no covenant tying them together, allowing a buyer to sell them individually if desired. Some tenants have parking as a lease provision, while others hold it under addenda, creating flexibility for future parking income or redevelopment plans. The building is operating at a 3.76% cap rate based on current income, with a market upside to 7.28%. and a low $225K per door. The unit mix consists of 1 bachelor, 35 studios, and 2 newly built ADUs. Approximately 25 units have been remodeled, 75% of tenants are on RUBS, and the property features new copper wiring, sporadic copper plumbing, and landlord-owned basement laundry for additional income.
Property Type(s):
Residential Income
| Last Updated | 5/21/2025 | Year Built | 1924 |
|---|---|---|---|
| Community | Hollywood | County | Los Angeles |
Additional Details
| APPLIANCES | Disposal, Refrigerator |
|---|---|
| AREA | Hollywood |
| GARAGE | Uncovered |
| HEAT | Wall Furnace |
| INTERIOR | Ceiling Fan(s) |
| LOT | 0.38 acre(s) |
| PARKING | Uncovered |
| STORIES | 3 |
| VIEW | Yes |
| VIEW DESCRIPTION | Landmark |
| ZONING | LAR4 |
Location
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Listed with Keller Williams Beverly Hills
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