823 N Gower Street

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.

Listing information courtesy of: Gabriel Rudner, Aegis Management, Inc. . *Based on information from the Association of REALTORS/Multiple Listing as of 11/23/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.