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April 14, 2021
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SOUTHERN CALIFORNIA NEWS
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Condo-Mapped Townhome Property in Hollywood Sells for $540k/Unit

4/08/21

A fully occupied, 11-unit condo-mapped townhome property in Hollywood sold for $5.955 mil ($541k/unit). The property is located at 5420 Harold Way, north of Sunset Blvd and east of Western Ave.

Built in 2008, the five-story Deco-style building features 10 two-story townhome units averaging 1.4k sf and one three-story townhome unit totaling 1.7k sf. All of the units feature expansive windows, in-unit washer/dryer, cove lighting, balcony, and other high-end finishes along with sprawling city views from downtown L.A. to Griffith Park.

The property is located in a rapidly transforming pocket, nestled between the heart of Hollywood and Los Feliz, near the intersection of Sunset Boulevard and Western Avenue. The 101 Hollywood Fwy and Hollywood/Western Metro Red Line station are each just three blocks from the property.

Matthew Kanner with The Kanner Group of KW Commercial represented the seller and buyer, both Los Angeles-based private investors. The buyer was in a 1031 exchange.

“This is a stunning, well-located turnkey investment property,” said Kanner. “It affords the new owner the flexibility of either continuing to operate the asset as Class A rental product, or future conversion to individual condo/for-sale product. This unique investment opportunity fetched the highest sale price per unit since 2018, and the fourth highest ever paid in the 90027 submarket, according to CoStar data.”




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