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8/17/18
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The Hayworth Apartments, a nine-unit apartment property in West Hollywood, traded hands in a recent $2.76 mil ($307k/unit) deal. Located at 1023 North Hayworth, the property is in a prime location near the shops and restaurants on Melrose Ave and just steps from Santa Monica Blvd.
Built in 1959, The Hayworth Apartments includes four two-bedroom units, four one-bedroom units and one studio. The property features a gated entry, on-site laundry, and a large outdoor patio area.
Kimberly R. Stepp of Stepp Commercial represented the seller, a Los Angeles-based family trust, as well as the buyer, a Los Angeles-based private investor. The closing cap rate was 3.4%. According to Stepp, the buyer will have the opportunity to reposition the property with 43% upside potential in rents.
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