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Diego Magdaleno

diego@1visionproperties.com +1(714) 676-7271

$2,039,000

Est. payment - /mo

2 Beds

10 Baths

5,343 SqFt

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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 5,343 sqft

Price per Sqft $381

MLS Listing ID 24356367

Bedrooms 2

HOA Y/N No

Year Built 1956

Lot Size 6,756 Sqft

Property Description

4 UNITS TO BE DELIVERED VACANT! 6.6% CAP AND 10 GRM AT FULL OCCUPANCY! AMAZING VALUE ADD OPPORTUNITY IN THE HEART OF HOLLYWOOD'S STUDIO DISTRICT! 10 LEGAL UNITS WITH SIGNIFICANT INCOME UPSIDE POTENTIAL! 6.6% CAP AT FULL OCCUPANCY! We are pleased to exclusively offer for sale 1140-42 N. Beachwood Drive, a 10 unit apartment building located in the heart of Hollywood's bustling studio district. Offered well below replacement cost at $204,900 per unit, 1140-42 N. Beachwood Drive offers a new owner a going in 6.6% cap and a 10 GRM realized immediately upon remodeling and re-leasing of 4 units that will be delivered vacant. Situated on a 6,752 SF lot zoned R3, the property features a detached parking structure that could potentially be converted to 4 New ADU units (Buyer to verify total number of ADUs possible). Some units have bee upgraded with new floors and appliances, 30% income upside potential still remains even after the 4 vacant units are remodeled and re-leased at market rent. Amazing opportunity to acquire 10 apartment units in the middle of the action! Don't miss this amazing opportunity to acquire 10 units in the heart of Hollywood's Studio District, surrounded by new jobs and high end for sale residential! Brand new construction townhouse units right across the street - 1153 Beachwood Drive - each unit renting for $6,750 per unit and for sale townhomes directly next door selling for $1.5 million per unit! 1140 N. Beachwood Drive's prime location puts residents in close proximity to popular dining destinations like La Fonda Antioquena, Dave's Hot Chicken, Jitlada Restaurant, and Canter's Deli. Entertainment and cultural attractions abound, including The Hollywood Museum, Paramount Theatre, Barnsdall Art Park, and the American Cinematheque. Shopping and entertainment options are readily available at Ovation Hollywood, West Hollywood Gateway, Catalina's Supermarket, and Pavilions. The property is also conveniently located near major employers like Paramount Pictures Studio Tour and esteemed educational institutions such as Joseph Le Conte Middle School, STEM Academy Of Hollywood, Bernstein High School, and Hollywood Elementary School. One block south of the subject property, the transformative Echelon Studios development is taking shape, a $450-million project by Bardas Investment Group and Bain Capital Real Estate. Spanning a full city block at 5601 Santa Monica Blvd, this state-of-the-art studio complex will feature nearly 500,000 square feet of production studios and support space, alongside creative offices and retail, with completion slated for 2026. This cutting-edge campus, replacing a former Sears site, is poised to elevate the area's profile as a hub for entertainment and innovation, enhancing the value and appeal of nearby properties.

Location

State CA

County Los Angeles

Area C20 - Hollywood

Zoning LAR3

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Fireplace No

Appliance Refrigerator

Laundry Laundry Room

Exterior

Parking Features Carport, Detached Carport

Community Features Gated

View Y/N Yes

View City Lights, Hills

Total Parking Spaces 6

Building

Faces West

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5534014019

Security Features Gated Community

Acceptable Financing Cash

Listing Terms Cash

Financing Cash

Special Listing Condition Standard

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Listed by Dana Brody Dana Brody

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1140 N Beachwood DR Los Angeles, CA 90038