Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.76 million sale of The Hayworth Apartments, a nine-unit apartment property in West Hollywood. Located at 1023 North Hayworth, the property is in a prime location near the shops and restaurants on Melrose Avenue and just steps from Santa Monica Blvd.
Principal Kimberly R. Stepp of Stepp Commercial represented the seller, a Los Angeles-based family trust, as well as the buyer, a Los Angeles-based private investor. The closing cap rate was 3.4 percent and the price per unit was approximately $307,000.
“This fully occupied apartment asset is well located in a prime West Hollywood neighborhood that is extremely walkable to Melrose Avenue, the Sunset Strip, and Santa Monica Blvd., all of which offer an array of retail, dining and entertainment amenities,” said Stepp. “This asset offered the buyer the opportunity to reposition the property with 43 percent upside potential in rents.”
Built in 1959, The Hayworth Apartments includes four two-bedroom units, four one-bedroom units and one studio. The property features a gated entry, on-site laundry, and a large outdoor patio area.