PRINCIPAL ONLY. If buyer is represented by another agent/broker, Buyer shall be responsible to pay for buyer's agent's commission.
- Value add deal in the heart of Hollywood!
- Excellent location just steps from the famous Sunset Blvd and several blocks from Hollywood Blvd and Santa Monica Blvd.
- Nearby many prominent Hollywood studios, entertainment venues, restaurants, and offers excellent access to FWY 101
- Minutes away from Hollywood and Highland, Hollywood/Vine Station, TCL Chinese Theatre, etc.
- A Very Walkable (walk score 85) and a Very Bikeable (bike score 70) location
- Rental income is below market; 1 unit can be delivered vacant, 2 units have history of late payment
- Desirable layout: single story bungalow style apartment (four duplexes)
- Charming Spanish mission architecture with center driveway
- Spacious unit with individual water heater, built-in cabinetry, sizable walk-in closet, laundry hookups
- Ample parking: 8 open space parking; Zero soft story required!
- Efficient unit mix that is perfect for a rent-control building
- Separately metered for electricity and gas;
- Recent capital improvements: upgraded electrical panels and foundation repair
The Growth Investment Group is proud to offer 5704 Fountain Ave, an 8-unit value add single story bungalow style apartment community in the Hollywood Studio District neighborhood in Los Angeles. It is in an excellent location in the heart of Hollywood, just a block south of Sunset Blvd. It is within walking distance to the iconic Sunset Blvd that houses major TV and movie studios such as Sunset Bronson Studio (The Old Warner Brother Studio), Netflix corporate office, Hollywood Palladium, Arclight Cinemas Hollywood, and others. This offering presents investors an opportunity to acquire a charming bungalow style apartment in the heart of Hollywood.
The property was built in 1922 with 4,992 square foot rentable area and situated on a 11,321 square foot lot. The 8 units are spread out in 4 single story duplexes. It has a center driveway that leads to a parking area in the back. It is separately metered for electricity and gas. It offers an efficient unit mix of all 1Bedroom 1Bath units. All units are rented out on month-to-month agreement. Rent comparable shows a conservative upside potential of a ±20% from current rental income. There are 8 open space parking in the back. The property does not require any soft story retrofit.
Each unit is large with charming hardwood floor, many windows, built-in cabinet, walk-in closet, individual water heater, and laundry hookups. Seller recently upgraded the electrical system and completed a foundation repair on the property.
LOCATION and AMENITIES
Hollywood Studio District is the 9th most walkable neighborhood in Los Angeles with 29,216 residents.
Residents/tenants are minutes from the some of the best entertainment venues, restaurants, and shopping in Los Angeles area! There are plenty of local attractions nearby the property: Pantages Theatre, The Library at Redbury, Hollywood Palladium, Amoeba Music, The Fonda Theatre, Paramount Pictures, Musicians Institute and much more! It has superb access to the FWY 101 and less than a mile from Hollywood/Western Metro station.