Exclusive Listings

Prime West Hollywood 9-unit Value-add apartment with Significant Upside

Address:
921 N WEST KNOLL DR
WEST HOLLYWOOD, CA 90069
Price:
$4,300,000
Status:
Available
Type:
Apartment
# Units:
9
Year Built:
1924
Building Size:
5,939
Lot Size:
10,116
CAP Rate:
3.11%
GRM:
21.13x
Price/Unit:
$478,000
Price/SqFt:
$724

INVESTMENT HIGHLIGHTS

  • In the heart of prime West Hollywood area; one lot away from Santa Monica Blvd – A+ location
  • Walk score of 92; walking distance to myriad of restaurants, shopping (local and national retailers), lifestyle stores, and other amenities in west Los Angeles
  • Offered at higher actual CAP Rate than other competing on-market properties in West Hollywood
  • Irreplaceable location with significant (±52%) rental upside potential (property is under West Hollywood Rent Stabilization Ordinance)
  • Extremely strong demographics with ±$115,800 average household income within a mile radius
  • Perfect for a 1031 exchange or long-time hold opportunity
  • Property has undergone some tremendous capital improvements in the past 24 months

 

PROPERTY HIGHLIGHTS

  • Charming Spanish style apartment community that is very easy to maintain and operate
  • 5 units have been completely remodeled; three-units have private balcony
  • Extremely attractive curb appeal curb appeal with beautifully landscaped garden with brick pavers driveway, Spanish roof concrete tile, outdoor string lights, and much more
  • A very advantageous unit mix of mostly 1-bedroom units to encourage higher turnover, so owner can realize rental upside potential faster
  • One unit can be delivered vacant for an owner-user unit

EXECUTIVE SUMMARY

The Growth Investment Group is proud to present West Hollywood Terrace, a charming value-add 9-unit Spanish-style apartment in the heart of prime West Hollywood. The property is a garden style two-story apartment community with a beautifully landscaped courtyard and garden area. The property has an ±5,939 sqft building size and situated on a large ±10,116 sqft lot with an excellent curb appeal and just located one property away from the famous Santa Monica Blvd. It has an irreplaceable location with high walk score of 92 and within walking distance to myriad of restaurants, shopping, and lifestyle amenities West Los Angeles has to offer. It offers a strong demographics of ±$115,800 average household income within a mile radius.

The property consists of 2 separate buildings with 4 units in the front and 5 units in the back. It has an attractive brick pavers driveway that leads to the parking area in the back and has Spanish concrete roof tile with red steps that lead to each unit. It offers a total of 8 parking spaces (7 garage and 1 open space) and a storage area. The property offers an advantageous unit mix of eight (8) 1 bed+1bath, and one (1) 2bed+1bath+den units. The property is located within West Hollywood Rent Stabilization Ordinance. This unit mix is considered advantageous because it will create higher turnover which will enable owner to realize the rental upside faster than larger units.

Each unit is bright with functional layout. Five units have been completely upgraded with brand new kitchens (quartz countertops, stainless-steel appliances, new kitchen cabinets), split-system A/C and heating unit, in-unit washer and dryer, luxury wood–style flooring, completely redone bathroom, electrical panels, drain and water lines, and tank-less water heaters.  Each unit has separate dining area and a breakfast bar. 3 units have balconies. There are also two large storage units for the building. Each unit is separately metered for electricity and gas.

West Hollywood Terrace is an extremely attractive investment opportunity in an “A+” location with significant upside potential in rents. Due to the property’s premier location and advantageous unit mix, West Hollywood Terrace offers a unique opportunity to any investor looking to acquire a well-maintained asset in the heart of West Hollywood.

 

LOCATION and AMENITIES

The property is located in the heart of West Hollywood. It has walk score of 92 and is only steps away from all that West Hollywood had to offer.  Many famous hotels, bars and restaurants, such as the standard hotel, Chateau Marmont, the historic sunset tower hotel are only a few minutes away. Many popular dinning, shopping and entertainment places can be found along nearby streets, such as Santa Monica Blvd., la Cienega Blvd., and Melrose Ave. Residents in the neighborhood has easy access to gym, grocery story and other amenities they need for their daily living. Nearby amenities includes 24 hour fitness, Equinox, Sole Cycle, Starbucks, Trader Joe’s, CVS, Demitasse, and Gelson’s.  It is only minutes away from the 405, 10 and the 101 freeways, making access to other LA cities (west and east) very convenient.  The property is approximately one mile away from Beverly hills, 10 Miles from downtown LA and Santa Monica, and 11 mile from the Burbank airport.

Popular places nearby:

The Sunset Strip (Less than a mile away)

The famed Sunset Strip is one of the most vibrant location in West Hollywood. It offers superb dining(WeHo Bistro; Kitchen 24; Nobu Los Angeles; The Belmont; Koi Los Angeles; Tender Greens; Fresh Corn Grille; and the Shake Shack), ultra-stylish shopping, trendy hotels (Sunset Tower Hotel, the Mondrian, The Standard), nightclubs, and famous rock clubs (The Viper Room, Whiskey A Go Go and the Roxy Theatre).  

Melrose Avenue (approximately 0.5 miles away)  

Melrose Avenue is one of L.A.’s most famous streets and is one of the most trendy destinations for shoppers, foodies and entertainment seekers. Many famous design centers are located ar the west end of Melrose Ave (Pacific Design Center, MOCA Pacific Design Center). Designer boutiques and luxury retailers abound on Melrose Avenue, including: Balenciaga, Alberta Ferretti, Rag & Bone, Monique LHuillier, Isabel Marant, Chloe, Vince, Carolina Herrera, Diane von Furstenberg, and Marc Jacobs.  An array of dining options can be found, including: Alfred Café, Compartes Chocolatier, Fig & Olive, Lucques, Ink, Sweet Lady Jane, Cakemix and Red O.

Beverly Center (1 mile away)


Beverly Center is one of most popular fashion shopping center featuring over 100 diverse shops and stores At Beverly center, you can find not only luxury retailers such as Burberry, Dolce & Gabbana, Fendi, Gucci, Louis Vuitton, Prada, Saint Laurent and Salvatore Ferragamo but also contemporary retailers such as Z Zegna, Henri Bendel, Traffic, Uniqlo, H&M and XXI Forever located in Bloomindale’s and Macy’s.


Beverly Connection (1 mile away)


Right across from Beverly Center, on La Cienega between Beverly Boulevard and Third Street is Beverly connection, which offers costumer an amazing shopping experience like no other. Popular stores include: Saks Off 5th, Nordstroms Rack and Old Navy, and popular dining destinations include: Corner Bakery, Souplantation and Baja Fresh.

*Property Subject to West Hollywood Seismic Retrofit Ordinance Effective on 4/1/2018 Affecting Zipcode 90038, 90046, 90048, 90069. 

 




Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: properties@GrowthInvestmentGroup.com
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