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TIC Conversion Partnership Opportunity! Welcome to The Sycamore Bungalow Court, a 10-unit 1920s Spanish Colonial Revival apartment community located in the highly desirable Hancock Park neighborhood adjacent to West Hollywood. Comprising (2) remodeled 2-bed/2-bath and (8) 2-bed/1.5-bath townhouse-style units averaging 1,175 sqft, each unit offers private entrances, interior features characteristic of a single-family house, and is equipped with individual water heaters, in-unit W/D hookups, and separate meters for gas and electric. Sitting on an extra-large 16,320 sqft lot zoned LARD1.5, the property is fully parked with 12 on-site spaces and features central open space, low-maintenance landscaping, and a new irrigation system. All units also showcase new torch down roofs and 125 amp electrical sub-panels. For TIC/condo developers, this property presents a potential exit value of $8,000,000+ by remodeling each house-like unit for individual sale between $775,000 to $825,000. This centrally located trophy asset is being offered at only $395/sqft with 62% rental upside and significant value-add potential via interior/exterior renovations and a TIC conversion. Ask the broker for the Offering Memorandum and a TIC partnership opportunity!
Last Updated | 7/11/2024 | Year Built | 1926 |
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Community | Hancock Park-Wilshire | County | Los Angeles |
Additional Details
AIR | Central Air |
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AIR CONDITIONING | Yes |
AREA | Hancock Park-Wilshire |
HOA DUES | 0 |
LOT | 0.37 acre(s) |
LOT DESCRIPTION | 0-1 Unit/Acre |
POOL DESCRIPTION | None |
SEWER | Public Sewer |
STORIES | 2 |
WATER | Public |
ZONING | LARD1.5 |
Location
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