FIRST TIME FOR SALE IN 50 YEARS! THE HERSHBERG RESIDENCES HAVE BEEN PASSED DOWN FROM GENERATION TO GENERATION. WELL SITUATED JUST ABOVE FOUNTAIN AVENUE AND JUST BELOW SUNSET BLVD. IN A PRESTIGIOUS HISTORICAL AREA. WONDERFUL FLOOR PLANS THAT DISPLAYS THE ELEGANCE OF THE PAST, WITH SOME MODERN UPDATES AND SERENE VIEWS TO MATCH. SURROUNDED BY NEW UPSCALE RESIDENTIAL APARTMENTS, CONDOS AND TOWNHOUSES THAT RENT FOR $4,995 TO $5,500 AND MORE PER MONTH. UPDATE TO YOUR TASTE OR TEAR DOWN, BUILD MORE UNITS AND USE YOUR IMAGINATION TO CREATE A NEW STANDARD. THE CITY MAY ALLOW UP TO 17 UNITS IF 20% ARE AFFORDABLES. EXCELLENT EXCELLENT EXCELLENT LOCATION. THIS IS A ONCE IN A LIFETIME OPPORTUNITY.........TO OWN THIS APARTMENT COMMUNITY IN A ONE OF A KIND LOCATION. THIS AREA HAS ONE OF THE HIGHEST VALUES IN THE NATION. DON'T MISS OUT. MOST APARTMENT HOUSES IN THIS AREA NEVER BECOME AVAILABLE. Market Rent Value at a 3% cap rate is 7.3 million dollars If any retrofitting is required by the city or county, it can be negotiated into the price. Preliminary cost is 45k plus 7k in plan cost. Rent increase for next year is approved at 3% by the city.
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