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8/07/14
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A 24-unit apartment building in Hollywood recently sold for $3.4 mil, or about $141.7k/unit. The property is located at 1719 N. Wilton Place, between Franklin Ave and Hollywood Blvd, and not far from the Hollywood/Western Metro Station, U.S. Highway 101 and downtown Los Angeles.
The property consists of one two-story building situated on a 11.7k sf parcel and contains six bachelor apartments, nine single units, five one-bedroom/one-bath junior apartments, three one-bedroom/one-bath units and one two-bedroom/two-bath unit. The building features controlled access entry, on-site laundry, 22 parking spaces, a tank-less water heating system and separate meters for gas and electricity.
Michael DiSimone, senior associate, Ron Harris, executive vice president investments, and Paul Darrow, senior associate, all in Marcus & Millichap’s Los Angeles office, represented the seller in the deal.
“Built in 1960, this Hollywood apartment asset has had approximately 25 percent of its units remodeled over the last year and continues to benefit from revenue enhancement through renovation,” says DiSimone.
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