5 of 6 Units Vacant in Prime Hollywood! | 1156 Gordon St
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5 of 6 Units Vacant in Prime Hollywood! 1156 Gordon St
6 Unit Apartment Building $1,850,000 ($308,333/Unit) 6.04% Cap Rate Los Angeles, CA 90038
Investment Highlights
- Six 1 bedroom / 1 bath units in Hollywood with 5 UNITS DELIVERED VACANT!
- The lot also includes 2 garages and an uncovered parking area, which can be used to build 1 or more ADUs for additional income.
- The vacant units present the perfect opportunity to cosmetically remodel the interiors and achieve market rents.
- Less than 1 mile from the Netflix HQ, Paramount Pictures, and many other Hollywood attractions in a highly desirable rental market.
Executive Summary
The Mayelian Apartment Group is pleased to present an unbeatable value add investment opportunity with immense rental upside in the heart of Hollywood! Standing on a +/- 6,504 sq ft. lot on the corner of Lexington Ave and Gordon St is a 6 unit building with 5 UNITS DELIVERED VACANT. There are 2 structures on the lot consisting of a 4 unit building and a duplex. All units are spacious and feature 1920's period details. Consists of six 1 bedroom / 1 bath units. The building has a newer roof, copper plumbing, and separate meters for gas and electric. The vacant units present the perfect opportunity to cosmetically remodel the interiors and achieve market rents. The occupied unit is already rented at close to market. When the vacant units are remodeled and rented, the building will generate approximately $150,288 in gross income and operate at a cap rate of at least 6%. The lot also includes 2 garages and an uncovered parking area, which can be used to build 1 or more ADUs for additional income. Less than 1 mile from the Netflix HQ, Paramount Pictures, and many other entertainment/media companies, the building is in a highly desirable rental market with close proximity to Hollywood attractions, the 101 freeway, and Downtown LA.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$150,288
|
$35.50
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,508
|
$1.06
|
| Effective Gross Income |
$145,780
|
$34.44
|
| Taxes |
$23,125
|
$5.46
|
| Operating Expenses |
$10,960
|
$2.59
|
| Total Expenses |
$34,085
|
$8.05
|
| Net Operating Income |
$111,695
|
$26.39
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $150,288 |
| Annual Per SF | $35.50 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $4,508 |
| Annual Per SF | $1.06 |
| Effective Gross Income | |
|---|---|
| Annual | $145,780 |
| Annual Per SF | $34.44 |
| Taxes | |
|---|---|
| Annual | $23,125 |
| Annual Per SF | $5.46 |
| Operating Expenses | |
|---|---|
| Annual | $10,960 |
| Annual Per SF | $2.59 |
| Total Expenses | |
|---|---|
| Annual | $34,085 |
| Annual Per SF | $8.05 |
| Net Operating Income | |
|---|---|
| Annual | $111,695 |
| Annual Per SF | $26.39 |
Property Facts
| Price | $1,850,000 | Building Class | C |
| Price Per Unit | $308,333 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 4,233 SF |
| Cap Rate | 6.04% | Average Occupancy | 16% |
| Gross Rent Multiplier | 12.3 | No. Stories | 2 |
| No. Units | 6 | Year Built | 1910 |
| Property Type | Multifamily | Parking Ratio | 1.18/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $1,850,000 |
| Price Per Unit | $308,333 |
| Sale Type | Investment |
| Cap Rate | 6.04% |
| Gross Rent Multiplier | 12.3 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,233 SF |
| Average Occupancy | 16% |
| No. Stories | 2 |
| Year Built | 1910 |
| Parking Ratio | 1.18/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Gated
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Walk Score ®
Very Walkable (88)
Bike Score ®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 5534-012-024 | Total Assessment | $515,114 (2024) |
| Land Assessment | $321,951 (2024) | Annual Taxes | $23,125 ($5.46/SF) |
| Improvements Assessment | $193,163 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5534-012-024
Land Assessment
$321,951 (2024)
Improvements Assessment
$193,163 (2024)
Total Assessment
$515,114 (2024)
Annual Taxes
$23,125 ($5.46/SF)
Tax Year
2023
zoning
| Zoning Code | LAR3 (Residential) |
| LAR3 (Residential) |
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5 of 6 Units Vacant in Prime Hollywood! | 1156 Gordon St
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