The Winfield 701 S Hill St 124 Room Serviced Apartment Los Angeles, CA 90014 $65,000,000 ($524,194/Room) 8.42% Cap Rate
INVESTMENT HIGHLIGHTS
- The Winfield is a gorgeous historic building with an excellent mix of one-, two-, and three-bedroom units.
- This historic building was fully renovated in 2022 with brand-new structural, roof, HVAC, units, lobbies, and other features.
- This one-of-a-kind investment opportunity presents a strong tenant with guarantees, no lease-up risk, 125 residential units, and is 100% leased.
- Building amenities include A/C, a fitness room, in-unit laundry, lounge and work spaces, luggage storage, and more.
EXECUTIVE SUMMARY
CBRE is pleased to present The Winfield's new, fully renovated adaptive reuse opportunity, completed in September 2023. The residential apartment units are fully leased to a hospitality tenant for 10 years triple-net. Significant net operating income is in place, with annual rent escalations. The Winfield was built in 1929 and was formerly the flagship store for Foreman & Clark, a men’s clothing store. The sleek exterior leads to a beautiful gold-painted and marble lobby. Building amenities include full-size kitchenettes, in-suite laundry units, Roku for streaming, luggage storage, a yoga room, a library, and a courtyard.
The Winfield is just a short walk from the historic Angel’s Flight Railway and the Bradbury Building. Downtown Los Angeles is a vibrant and fast-paced city center. This historic neighborhood boasts stunning architecture, global eateries and bars, and lively entertainment. The Fashion District, Grand Central Market, and the city's several museums are significant points of interest nearby.
The Winfield is just a short walk from the historic Angel’s Flight Railway and the Bradbury Building. Downtown Los Angeles is a vibrant and fast-paced city center. This historic neighborhood boasts stunning architecture, global eateries and bars, and lively entertainment. The Fashion District, Grand Central Market, and the city's several museums are significant points of interest nearby.
PROPERTY FACTS
| Price | $65,000,000 |
| Price Per Room | $524,194 |
| Sale Type | Investment |
| Cap Rate | 8.42% |
| Property Type | Hospitality |
| Property Subtype | Serviced Apartment |
| Building Class | B |
| Lot Size | 0.29 AC |
| Building Size | 142,675 SF |
| No. Rooms | 124 |
| No. Stories | 13 |
| Year Built/Renovated | 1929/2023 |
| Corridor | Interior |
AMENITIES
- Fitness Center
- High Speed Internet Access
- Public Access Wifi
- Smoke-Free
- Fully-Equipped Kitchen
1 of 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 5144-013-020 | Improvements Assessment | $34,632,127 |
| Land Assessment | $15,010,827 | Total Assessment | $49,642,954 |
ZONING
| Zoning Code | C5-4D (Commercial) |
