An eight-unit apartment property in the heart of Hollywood’s Media District traded hands for $2.37 mil ($296k/unit). The property is located at 842 Wilcox Ave, west of Vine St about midway between Santa Monica Blvd and Melrose Ave.
Built in 1958, the two-story property includes three two-bedroom units and five one-bedroom units. The building was largely renovated with a new exterior façade and system upgrades, along with five unit interior rehabs that include laminate wood flooring, stone countertops, custom cabinetry and stainless steel appliances. The asset is walking distance to Larchmont Village and the famous Sunset & Vine intersection.
Mark Ventre with Stepp Commercial represented the seller, a Louisiana-based private trust. The buyer was a local private investor. The closing cap rate was 4.1%.
“This property was delivered with little deferred maintenance while at the same time still offering over 30% upside in potential rent, with the ability to lift the interior finishes to an even higher level that this ‘Media District’ neighborhood now commands,” noted Ventre. “This pocket of Hollywood is undergoing an incredible transformation as over 25 new multifamily, mixed-use and office developments are within a one-mile radius of the property. The growing inventory of jobs and creative office space, propelled by Netflix and other entertainment companies, has been the main driving force to the recent boom.”