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7506 Norton Avenue

West Hollywood, CA 90046

$1,865,000

| 2,665 sq. ft.

Status: Active Area: C10 - West Hollywood Vicinity
Year Built: 1924 MLS#: 26637909

Description

Available for an attractive 6.17% CAP Rate and 11.27 GRM, a new investor can benefit both from the property's strong immediate cash flow and from its substantial rent upside. With multiple apartments in the building already achieving rents of $3,000 per month, eventually bringing the remaining units to that rent level represents a potential 45% increase in revenue. According to recent reports from Niche.com, West Hollywood ranked #1 out of 111 neighborhoods in Los Angeles County among the Best Suburbs for Young Professionals, and ranked #2 in the entire state of California. With 80% of the West Hollywood population residing in rental housing, these semi-private one-bedroom bungalows are extremely attractive to this demographic, helping to boost both demand and rental rates. The property has earned a Walk Score of 93, which qualifies the immediate neighborhood as a "Walker's Paradise." Residents enjoy convenient access to the nearby Whole Foods Market, Trader Joe's, and Plummer Park. Within a short driving distance are The Grove, Beverly Hills, the Sunset Strip, Runyan Canyon, and numerous other destinations in both the Hollywood and West Hollywood areas.

Features

    Heating: N/A
    Cooling: N/A
    Structure Type: Other Association Amenities: N/A
    Price/sqft: $700
    Parking Spaces: 5
    Total Floors: 1

Listing is Courtesy of: Underwood Mortgage Group | Use of this site means you agree to the Terms of Use

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