East Hollywood

Portfolio Investment Opportunity
• Irreplaceable, Art Deco masterpieces consisting of 80 units with a unit mix of (21) efficient, (46) studios, and (13) 1 bedroom and 1 bath units totaling 46,338 square feet on 17,262 square feet of land. The properties include exposed brick walls, spindle stairwells, onsite laundry, geometrical crown molding, thoughtful floor plans, textured plastered walls, awnings, original wood floors, light and airy hallways featuring skylights for sunshine, marble flooring and tudor windows in the entryway at Hobart, along with an updated elevator
• In place cap rate at 5.22% cap to stabilize at 6.57% cap rate to be purchased individually or as a portfolio
• A rare opportunity to purchase two properties within the same family for over 25 years and operated with pride of ownership to maintain the charming classic appeal of the 1920’s era
• An attractive basis at below replacement costs at $171,813 a door and $297 per square foot in the esteemed 90027 area code
• By providing substantial updates to the property, 1516 N Hobart was removed from the City of Los Angeles Rent Control in perpetuity
• Opportunity to capitalize on the appeal for art Deco properties and achieve nearly 10% of rental upside through operational efficiencies, managerial adjustments, and strategic renovations to include washer and dryers, stainless steel appliances, new kitchens and baths, and common area updates
• The top units include views of the Hollywood hills and the city
• Both properties feature charming courtyard settings with lush drought resistant landscaping and seating areas with significant outside space to allow bike storage or rental station creating an amenity for carless tenants
Strong Multifamily Fundamentals
• Submarket home values have gone up 4.8% over the past year
• Asking rents are forecasted to grow 25.7% over the next five years, one of the highest growth rates in Los Angeles
• Submarket occupancy averaged 94.7% over the past five years, with both properties consistently outperforming the submarket average at 96%
• Renters make up 90.4% of the occupied housing population within a one-mile radius
• Robust employment population of 653,531 within a five-mile radius
Convenient Central Location in East Hollywood
• Both properties are centrally located and rated a “Walker’s Paradise” by WalkScore.com—with easy access to entertainment and major employers such as Paramount Studios, Sunset Gower Studios, Children’s Hospital of LA, and many others
• Surrounded by popular restaurants and just a quick drive to the 101 Freeway and the Hollywood/Western Metro Station, offering easy access to the Greater Los Angeles area
• With just a 15-minute drive to Dodger Stadium, Griffith Observatory, and the Hollywood Bowl, tenants enjoy a plethora of entertainment options