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5607 Virginia Ave

Los Angeles, CA 90038
  • $4,656,000
  • STATUS: Active
  • ON SITE: 74 Days
  • MLS #: 22-136361
UPDATED: 34 min ago
$4,656,000
  • 0
    BEDS
  • 0.17
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 11,303
    SQFT
  • $412
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1927
County:
Area:

School Ratings & Info

Description

5607 Virginia Ave. is a classic 1927 Spanish Mediterranean style 24-unit apartment located within the Hollywood Studio District. Current ownership has renovated about one-third of the units leaving substantial upside (37%) in rents. The building is separately metered for gas and electricity reducing ownership's exposure to rising energy costs. The property is subject to the Los Angeles Rent Stabilization Ordinance and features a common laundry area for the tenants' use. Hollywood's creative development renaissance of the past decade continues at breakneck pace. Over 2.5 million square feet of office space is currently under development in the submarket. Netflix, Hulu and ViacomCBS all have significant footprints in Hollywood with new walkable residential, retail and entertainment amenities throughout. Available as a portfolio with 676 Rampart Blvd. (32 units). Visit the Property Website or contact the Listing Team for the Offering Memorandum.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-28T21:43:03.17. 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.
www.markwiseproperties.com/homes/126699620
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5607 Virginia Ave Los Angeles, CA 90038

  • Price: $4,656,000
  • Status: Active
  • On Site: 74 Days
  • Updated: 34 min ago
  • MLS #: 22-136361
0
Beds
0
Baths
0
½ Baths
0.17
Acres
11,303
SQFT
$412
$/SQFT
1927
Built
Neighborhood:
Hollywood
County:
Los Angeles
Area:
Hollywood
Property Description
5607 Virginia Ave. is a classic 1927 Spanish Mediterranean style 24-unit apartment located within the Hollywood Studio District. Current ownership has renovated about one-third of the units leaving substantial upside (37%) in rents. The building is separately metered for gas and electricity reducing ownership's exposure to rising energy costs. The property is subject to the Los Angeles Rent Stabilization Ordinance and features a common laundry area for the tenants' use. Hollywood's creative development renaissance of the past decade continues at breakneck pace. Over 2.5 million square feet of office space is currently under development in the submarket. Netflix, Hulu and ViacomCBS all have significant footprints in Hollywood with new walkable residential, retail and entertainment amenities throughout. Available as a portfolio with 676 Rampart Blvd. (32 units). Visit the Property Website or contact the Listing Team for the Offering Memorandum.
Exterior Features

Direction Faces South Entry Location Ground Level W/Steps Exterior Construction Stucco Lot Size Area 7502 Other Structures None Parking Garage None Patio Features Porch - Rear Roof Flat Sprinklers None Style Spanish Total Parking 0

Interior Features

Baths Total 24.00 Cooling None Equipment Range/OvenRefrigeratorGarbage Disposal Heating Wall Gas Laundry CommunityLaundry Area Water Heater Features Central Water HeaterGas

Property Features

Alley YN No Assessed Total Value 3521447 Gross Income 306814 Gross Operating Income 297610 Land Lease Type Fee Like Units1 24 Net Operating Income 155056.00 Number Of Buildings 1 Number Of Units 24 Owner Pays Water Property Condition Updated/Remodeled Rent Control YN Yes Sale Type Standard Security Features Gated Sewer In Street Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Tenant Pays GasElectricityTrash Collection Total Annual Expense 142554 Type Of Units Studio Year Built Source Vendor Enhanced Zoning Lar3

Listing provided courtesy of Adam Peterson DRE#01815802 of Cb Richard Ellis, Inc..


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-28T21:43:03.17. 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.
 
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