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    44310 Via Barranca
    2239 Brier Avenue
    19805 Pearblossom
    823 Gower Street, Los Angeles, CA 90038
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    • MLS#: 24446147 ( )
    • Street Address: 823 Gower Street
    • Viewed: 21
    • Price: $4,200,000
    • Price sqft: $0
    • Waterfront: No
    • Year Built: 1929
    • Bldg sqft: 0
    • Days On Market: 184
    • Additional Information
    • County: LOS ANGELES
    • City: Los Angeles
    • Zipcode: 90038
    • Provided by: Aegis Management, Inc.
    • Contact: Gabriel Gabriel
    • California Regional MLS IDX
    • DMCA Notice
    • 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.
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    Property Location and Similar Properties
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    Similar
    Features
    Assetclass
    1. Multi-Family
    Building Area Total
    1. 14190.00
    Construction Materials
    1. Stucco
    2. Wood Siding
    Country
    1. US
    Laundry Features
    1. Community
    Netoperatingincome
    1. 228919.00
    Parcel Number
    1. 5534031001
    Security Features
    1. Resident Manager
    2. Card/Code Access
    Uncovered Spaces
    1. 14.00
    Views
    1. 21
    Year Built
    1. 1929
    Zoning
    1. LAR3
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