WEST HOLLYWOOD, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.6 million sale of Beachwood Apartments, a 10-unit apartment property located in Hollywood, one of Los Angeles’ most visited destination cities.
Principal Kimberly Stepp of Stepp Commercial represented the seller, Khursan Investments LCC, and the buyer was a Los Angeles-based private investor. The property closed at a 3.4 percent cap rate and a price per unit of $260,000.
“Hollywood is known as the global heart of the entertainment industry and is undergoing a renaissance with new office locations, entertainment venues and an explosion of restaurants and shopping, making it a highly appealing lifestyle destination,” said Stepp. “The area’s high barriers to entry and low vacancy rates make sourcing quality investment opportunities with significant upside a rare find. This particular asset features current rents well under market averages and is destined for a major repositioning, which when complete, will offer an opportunity for significant rent growth.”
Originally built in 1961, this single building, two-story property is located at 1155 Beachwood Ave. on a quiet tree lined street just a block from the famed Hollywood Forever Cemetery and a short drive to Sunset Blvd. It consists of one two-bedroom and nine one-bedroom units. The property was 100 percent occupied at time of closing.
The property enjoys a central location, near the 101 freeway and is only a half-mile from trendy restaurants, theaters and shopping on Sunset Blvd. The area’s high concentration of job opportunities, lifestyle amenities and central location to the Westside, Downtown, Beverly Hills and other popular regions in the city make it one of Los Angeles’ prime residential communities.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property sector. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com