Stepp has completed the $2.9 million sale of 652 North Hayworth, a two-story, nine-unit apartment property in Los Angeles near the cross streets of Melrose and Fairfax Avenues.
Senior Vice President Mark Ventre of Stepp Commercial represented the seller, a family office, and the buyer, a private company, in this off-market transaction. The buyer views the acquisition as a great opportunity to reposition the asset as units turn with institutional-quality interior upgrades, while preserving the mid-century modern exterior. The closing cap rate was 3.2 percent.
Built in 1952 on 7,499 square feet of land, 652 North Hayworth Avenue is comprised of three two-bedroom units and six one-bedroom units. There are eight onsite parking spaces.
“The residences at 652 North Hayworth avenue benefit from a fantastic location on the border of West Hollywood, just steps from the vibrant, lively Melrose shopping district with its boutiques and restaurants,” said Ventre. “the asset’s two vacant units will allow the buyer to immediately capture upside upon renovation.”
Adjacent to many West Hollywood amenities, the property is located a short walking distance from the diverse, glamorous, and eccentric Melrose Avenue destination that boasts some of LA’s best cafes and people-watching opportunities.