7506 Norton Ave Unit 7510, West Hollywood, CA 90046
- $1,865,000
- 6
- BD
- 6
- BA
- 2,665
- SqFt
- List Price
- $1,865,000
- MLS#
- 26637909
- Status
- ACTIVE
- Type
- Multifamily
- Bedrooms
- 6
- Bathrooms
- 6
- Living Area
- 2,665
Property 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.
Additional Information
- Year Built
- 1924
- Garage
- Assigned
Mortgage Calculator
Courtesy of Marcus & Millichap, Roderick 'Rick' Raymundo.
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