1312 Citrus Ave, in Hollywood, CA. Built in 1953, this unique property made up of eight units will be delivered with one unit vacant (one one-bedroom). This is an ideal investment opportunity located in a prime area of Hollywood with below market rents and 50% upside achievable as units turn. The building features a unit mix made up of five one-bedrooms and three two-bedrooms, each with spacious layouts. The property consists of 7 parking spaces, the soft story retrofit has been complete. The units are separately metered for gas & electric and have air conditioning throughout. Furthermore, a new water heater was installed in 2019. This exclusive pocket of Central Hollywood remains one of the most desirable addresses for both living and working. With the median household income continuing to rise and average home value of over $1 million within three miles, the demand for apartment units increases year-over-year exemplified with surrounding new residential and office developments as well as major employers established in the submarket. 1312 N Citrus Avenue is ideally situated to benefit from this economic growth as thousands of new high-paying jobs are within walking distance. The subject property boasts a walk score of 96 with unparalleled access to nightlife, dining, education, and employment opportunities Hollywood High School is located 2 blocks away. The Metro B Line (Red) is a short 10 minute walk to the Hollywood / Highland Station stop providing connectivity throughout the LA area.
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