Silva Babaian  Realtor, Real Estate Agent, Granada Hills, CA

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    455 Sycamore Avenue, Los Angeles, CA 90036
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    455 Sycamore Avenue
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    • MLS#: 25497763 ( )
    • Street Address: 455 Sycamore Avenue
    • Viewed: 18
    • Price: $7,200,000
    • Price sqft: $0
    • Waterfront: No
    • Year Built: 1930
    • Bldg sqft: 0
    • Days On Market: 51
    • Additional Information
    • County: LOS ANGELES
    • City: Los Angeles
    • Zipcode: 90036
    • Provided by: Aegis Management, Inc.
    • Contact: Gabriel Gabriel
    • California Regional MLS IDX
    • DMCA Notice
    • Description
      Owned and meticulously cared for by the same owners for over 60 years, The Sycamore, a (16) unit apartment property just south of Melrose and adjacent to Hancock Park is one of the last great projects of architect Charles Gault. The Sycamore has many of the key features of Gault's architectural style, including a courtyard with a gorgeous fountain, a grand arched opening, a public fireplace and grilled windows. The property is named in the National Register of Historic Places, which grants it special building codes to aid in restoration and certain tax advantages through the Federal Rehabilitation Tax Credit. The property is located two blocks south of Melrose Ave, a popular dining and shopping district. (See included Area Map for more information.) The building is comprised of eight (8) one bedroom units, six (6) two bedroom units, and two (2) studio units. It was built in 1930 and has fifteen (15) parking spaces on the adjacent alley. These apartments are subject to the city of Los Angeles's Rent Stabilization Ordinance. The units are very large relative to many comparable properties in the area and several have private outdoor space for tenants. Indicative of the strong demand in the local area, the property has no vacancies, with the local Market Rents nearby substantially higher than the Subject Property. Four (4) competing rental properties from the immediate area were surveyed. (Please see within Financials, Rent Survey, and Rent Survey Map.) When one considers the property's location in the highly desirable Hancock Park adjacent area, the above average size of the units, and the popular nearby shopping and dining on Melrose Ave, a new owner should be able to implement prodigious rent growth here. Four (4) recent nearby apartment properties were selected as Recent Sales properties. They are similar in many respects, unit mix, construction, parking, and especially year constructed. All of the Recent Sales presently have a historical designation similar to the Subject Property. (See Recent Sales and Recent Sales Map.) With an Asking Price of $7,200,000, this Offering is situated at a 15.23 GRM; at $500.77 $/SF; at a 4.22% CAP Rate and at $450,000 / Unit. These underlying fundamentals show the strong operating performance of the property and present a significant opportunity relative to the Recent Sales. (See Recent Sales and Financials.) In closing, the tremendous potential upside in rents as well as the desirable unit mix, unit size, prime location and strong operating performance available here present an opportunity for significant cash flow growth and appreciation over time for this asset.
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    Features
    Appliances
    1. Refrigerator
    Building Area Total
    1. 14378.00
    Cooling
    1. Central Air
    Country
    1. US
    Fireplace Features
    1. Living Room
    Flooring
    1. Tile
    2. Wood
    3. Vinyl
    Garage Spaces
    1. 15.00
    Heating
    1. Central
    Interior Features
    1. Crown Molding
    Laundry Features
    1. Community
    Levels
    1. Multi/Split
    Netoperatingincome
    1. 304132.00
    Parcel Number
    1. 5525029022
    Parking Features
    1. Private
    Pool Features
    1. None
    Property Condition
    1. Updated/Remodeled
    Security Features
    1. Gated Community
    Sourcesystemkey
    1. 25497763:CLAW
    Spa Features
    1. None
    Totalexpenses
    1. 183846.00
    View
    1. City Lights
    Views
    1. 18
    Year Built
    1. 1930
    Zoning
    1. LAR3
    Headshot for Associate Silva Babaian
    1. Silva Babaian / Realtor
    2. Coldwell Banker Exclusive
    3. CalBRE Lic # 01365805
    4. Mobile: 818.414.6744
    5. Fax: 818.338.5836