7506 Norton Avenue 7510,West Hollywood, CA 90046
West Hollywood, CA 90046
Description
Available for an attractive 6.17% CAP Rate and 11.27 GRM, a new investor can benefit both from the property's strong immediate cash flow and from its substantial rent upside. With multiple apartments in the building already achieving rents of $3,000 per month, eventually bringing the remaining units to that rent level represents a potential 45% increase in revenue. According to recent reports from Niche.com, West Hollywood ranked #1 out of 111 neighborhoods in Los Angeles County among the Best Suburbs for Young Professionals, and ranked #2 in the entire state of California. With 80% of the West Hollywood population residing in rental housing, these semi-private one-bedroom bungalows are extremely attractive to this demographic, helping to boost both demand and rental rates. The property has earned a Walk Score of 93, which qualifies the immediate neighborhood as a "Walker's Paradise." Residents enjoy convenient access to the nearby Whole Foods Market, Trader Joe's, and Plummer Park. Within a short driving distance are The Grove, Beverly Hills, the Sunset Strip, Runyan Canyon, and numerous other destinations in both the Hollywood and West Hollywood areas.
Details
| MLS # | 26637909 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1924 |
| Days On Site | 224 |
| Listing Provided By | Marcus & Millichap | Roderick 'Rick' Raymundo |
Features
| Bed(s) | 6 |
|---|---|
| Bath(s) | 6 |
| SQ Feet | 2,665 |
| Story(s) | 1 |
| Units | 6 |
| Building(s) | 1 |
| Zoning | WDR2* |
| Acreage | 0.14 |
Parking
| Parking Features | Assigned |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | West Hollywood |
| Zip Code | 90046 |
| Area | C10 West Hollywood Vicinity |
| Listing VS Median (in 90046) | |
Price: $1,865,000 low | high Med: $2,600,000 sqft: 2,665 low | high Med: 7,484 $ / sqft: $700 low | high Med: $347 On site: 224 low | high Med: 84 | |
Market Activity 90046
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | West Hollywood |
| Zip Code | 90046 |
| Area | C10 West Hollywood Vicinity |
| Listing VS Median (in 90046) | |
Price: $1,865,000 low | high Med: $2,600,000 sqft: 2,665 low | high Med: 7,484 $ / sqft: $700 low | high Med: $347 On site: 224 low | high Med: 84 | |
