553 N Flores Street
West Hollywood, CA 90048
Active for $2,550,000
Beds: 10 Baths: 9 Structure Size: 7,087 sqft Lot Size: 5,760 sqft
| MLS | 24395707 |
| Year Built | 1963 |
| Property Type | |
| County | Los Angeles |
| Status | Active |
| Active | $2,550,000 |
| Structure Size | 7,087 sqft |
| Lot Size | 5,760 sqft |
| Beds | 10 |
| Baths | 9 |
Description
The property at 553 Flores Ave offers an excellent unit mix, including one 1+1, one 2+2, one 3+3, two 3+2 units, and RTI plans for a 2+2 ADU, attracting a wide range of tenants from young professionals to families. Situated in the heart of West Hollywood, it serves as a gateway to Los Angeles' cultural epicenter, near iconic landmarks like The Grove, Farmers Market, and Melrose Avenue, ensuring high tenant demand and premium rental rates. Nearby restaurants such as Catch LA, Sushi Gina Onodera, and Urth Caffe, with the "Golden Triangle" in Beverly Hills just a short drive away, add to its appeal. The property offers modern conveniences, fostering a sense of community and reducing reliance on transportation, leading to higher tenant retention and increased desirability. This stabilized asset presents an attractive acquisition in a supply-constrained market, offering a 5.73% CAP rate, with three of the five units extensively renovated and achieving market rents. The seller has secured approved plans for an ADU, enhancing rental income potential. West Hollywood's affluent demographic, with an average household income of nearly $131K within a mile, contributes to a favorable investment climate and sustained demand for quality rentals. Overall, 553 Flores Ave represents a compelling investment opportunity with strong fundamentals, a prime location, exceptional walkability, and promising growth prospects, making it a lucrative option for discerning investors in the dynamic Los Angeles real estate market.
Listing information courtesy of: Saadia 'Sam' Liberow, Marcus & Millichap . *Based on information from the Association of REALTORS/Multiple Listing as of 09/19/2024 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.
Location
Contact a Local Realtor®
Nicholas Araujo
REALTOR
Direct: 661.234.6875
Email: Email Me
DRE: 02018445
DRE #01873088
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