1045 N Edinburgh Ave, West Hollywood, CA 90046

Property Description

Excellent West Hollywood location just South of Santa Monica and West of Fairfax. This is truly walkers' paradise with a walk score of 95 and an annual household income of $121,557 with in a 1-mile Radius of the subject property. Large units with large floor plans. Situated on a 6,532 SF lot, the property consists of 8,605 rentable SF and features six (6) one-bedroom/one-bathroom, and four (4) two-bedroom/two-bathroom units. Most of the units either have private balconies or patios. 10 covered and secured parking spaces, one space for each unit, secured by a gated fence with remote access. Immediate value add opportunity with four (4) vacant units which can be immediately renovated and rented at the market rate. This property is secured by a tall, gated fence which is locked at all times and can only be accessed through the intercom on the exterior part of the fence. The property boasts an incredibly high cap rate of 4.5% (the average cap rate sold in West Hollywood in the past 12 months has been 3.6%). 1045 Edinburgh is significantly higher than that, offering an investor the opportunity to renovate the units and cash flow at a much higher level. This property is not currently on the cities soft story seismic retrofitting program, which is a huge benefit to the buyer as doing the retrofitting work can be extremely costly and the cost of the work can't be passed on to the tenant in the city of West Hollywood.