1862 Van Ness Avenue, in Hollywood, CA. Built in 1921, this unique property made up of six units will be delivered with two units vacant (two one-bedrooms). This is an ideal investment opportunity located in a prime area of Hollywood with strong cashflow at a 4.66% CAP rate on current income with additional 19% rental upside.The building features a unit mix made up of one-bedrooms and two-bedrooms, each with spacious layouts. The property comes with 3 garage spaces as well as four open spaces in the back of the building for a total of seven parking spaces. There is no soft story retrofit required. The units are separately metered for gas & electric, have individual water heaters as well as central air and ceiling fans throughout. Furthermore, there is in-unit laundry in three of the units and the two-bedrooms feature large private balconies. This exclusive pocket of 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. 1862 Van Ness Avenue is ideally situated to benefit from this economic growth as thousands of new high-paying jobs are within walking distance. The subject property has a walk score of 86 with unparalleled access to nightlife, dining, education and employment opportunities.
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