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1235 N Ogden Dr

West Hollywood, CA
Price:
$3,340,000
Units:
9
GRM:
18.99
Cap Rate:
2.72%
Gross Rentable Area
9,900

Property Overview

Marcus & Millichap is pleased to present an 9-unit apartment building on Ogden Drive in West Hollywood, California. Built in 1964 and subject to rent control, the property consists of Four (4) one-bedroom/one-bathroom units, Four (4) two-bedroom/two-bathroom units, and One (1) three-bedroom/two and one-half bathroom Townhouse. The townhouse is currently owner occupied and has central air and heat, a washer/dryer, and a private entrance and patio.Tenants are attracted to the property given the various amenities offered which include large spacious units, controlled access, gated parking, on-site laundry, and units with balconies (in some units).

The subject property is conveniently located just steps away from the endless shopping, entertainment, and dining outlets on Santa Monica Blvd. Situated just east of Fairfax, the property is just minutes to Runyon Canyon, Whole Foods, the Laugh Factory, the Hollywood Bowl, the Walk of Fame, the Chinese Theater and many other places. Various other attractions include the Hollywood and Highland Center, The Grove, Sunset Plaza, and the Beverly Center.

1235 Ogden Drive is an excellent opportunity for an investor looking to purchase a a well located asset in West Hollywood with significant upside in the rents.

****Current owner live in the Three Bedroom unit (Unit 1). He plans to sign a 10 year lease at close of escrow at $3,000 per month with 5 years of rent prepaid through escrow.

Investment Highlights

  • Prime West Hollywood Location
  • Large Units Averaging Approximately 1,100 Square Feet
  • Great Unit Mix Consisting of One, Two and Three Bedroom Units
  • Over 80% Upside in Rents
  • 14 Gated and Covered Parking Spaces (Not on Seismic Retrofit List)
  • Walking Distance to Various Dining and Entertainment Outlets on Santa Monica Blvd
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