CA > Los Angeles
Los Angeles, CA 90038,823 N Gower St
Los Angeles, CA 90038,823 N Gower St
Los Angeles, CA 90038,823 N Gower St
Los Angeles, CA 90038,823 N Gower St
Los Angeles, CA 90038,823 N Gower St
Los Angeles, CA 90038,823 N Gower St
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John Rhee

John Rhee

+1(714) 675-5821
$ 4,200,000
Est. payment | /mo

2 Beds

25 Baths

14,190 SqFt

Save
$ 4,200,000
Est. payment | /mo
Save

2 Beds

25 Baths

14,190 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 14,190 sqft

Price per Sqft $295

MLS Listing ID 24-446147

Bedrooms 2

Year Built 1929

Lot Size 0.298 Acres

Acres 0.2983

Property Description

Aegis Management, Inc. is pleased to present a valuable investment opportunity in the heart of Hollywood; a 25-unit apartment property offered at $4,200,000 and a 5.45% going in cap rate. Located on Gower Street, just north of Melrose Avenue and near iconic landmarks like Hollywood Forever Cemetery and Paramount Pictures, this property offers significant long-term value. The building, constructed in 1929 with durable wood-frame and stucco over a raised foundation, is composed of 22 single units with one bath, two one-bedroom units with one bath, and one larger one-bedroom unit with two baths. It's built to last and several of the units have been thoughtfully renovated and updated over time. All units are separately metered for gas and electricity. The property is subject to the city of Los Angeles's Rent Stabilization Ordinance. Currently, four units are unoccupied. The property has about 30% upside in rental rates upon unit turnover, and the approximately 14 parking spaces are not currently offered to tenants, presenting both immediate and long term opportunities for income growth. The property features a landlord-owned laundry room, an operating security camera system, and various updates to essential systems like plumbing and electrical. This asset is priced to sell at a 5.45% going in cap rate and with the various income opportunities availble as well as the potential to continue upgrading units and increasing rents within regulatory limits, the new owner should benefit from reliable present cash flow as well as future opportunity. CONTACT LISTING AGENT FOR A DETAILED MARKETING PACKET.

Location

State CA

County Los Angeles

Area Hollywood

Zoning LAR3

Interior

Laundry Laundry Area, Community

Exterior

Garage Spaces 14.0

Building

Story 2

Structure Type Stucco, Wood Siding

Others

Special Listing Condition Standard

TheMLS (CLAW)
The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2024 The MLSTM/CLAW. All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Aegis Management, Inc.

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John Rhee

Team Leader | License ID: 2203336

+1(714) 675-5821 | johnrhee.re@gmail.com

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823 N Gower St