The Laurel West Hollywood

1267 N Laurel Avenue, West Hollywood, CA 90046

Sale Price

$21,500,000

Investment Overview

Units

23

Year Built

1958

The Offering

Stepp Commercial is pleased to present The Laurel, a 23-unit* ultra-luxury apartment community situated in the heart of West Hollywood.  This is a generational opportunity to own a stunning mid-century boutique hotel-style residence.

Over five million dollars of renovations have been invested in this pride of ownership masterpiece that showcases an exquisite design of curated finishes, top-end appliances, and glass window walls that bathe interiors in abundant natural light. Units surround a central, open-air courtyard featuring a zero-edge swimming pool, furnished cabanas, fire pit situated in between cozy seating areas, movie screening wall, and outdoor kitchen—the quintessential outdoor space perfect for entertainment and communal gatherings.

Due to the lack of furnished housing offered with less than a year commitment, ownership deployed a furnished, mid-term leasing strategy that has proved wildly successful.

– Mid-Term Furnished Housing –

Income generated from the mid-term furnished housing model is higher than traditional long-term rentals.

This model allows landlords to mark to market at a much faster rate than the traditional long-term lease model.

There is no downtime between tenants so there is minimal vacancy.

The Laurel has continuously had a waiting list, and units are immediately filled the same day upon a new vacancy, typically at a higher rental rate than the previous tenant.

This represents significant future growth since these numbers will likely improve as the country gets vaccinated and the economy recovers in earnest.

 

Video Tour: https://vimeo.com/563996143

Investment Highlights

Best-in-class trophy asset

4.2% cap rate with upside potential

Over $5M invested in beautiful remodel

Ultra-luxurious finishes

Resort-style pool, lounge and fitness center

Wildly successful furnished, mid-term leasing platform

Incredible West Hollywood location