Active

6708 Willoughby Avenue

Los Angeles CA, 90038

$3,999,999


$455.37 per sqft

Active

10 Beds

9 Baths

8,784 sqft

Residential

Built in 1924

Listed by Dana Brody with Dana Brody 818-212-2757

5.4% In-Place Cap Rate ! 9 Units Steps to Prime Hancock Park! Amazing Income Property Offering - Beautifully Renovated 9 unit - 5.4% In-Place Cap close to Prime Hancock Park! Walk to Pizzeria Mozza, Sushi Palace and Tesla's new diner & drive-in theatre on Santa Monica Boulevard. We are very pleased to exclusively offer for sale The Siegel, a beautifully curated collection of 9 apartment units perfectly located in the Heart of Hollywood's Media District. Steps from idyllic Larchmont Village and storied Hancock Park, as well as shops and restaurants on Highland and Melrose Avenue, 6708 Willoughby Avenue is a beautifully remodeled nine unit apartment community offering an investor an extremely strong income producing asset in one of the desirable rental markets across Los Angeles. Property features updated plumbing and electrical, new windows, freshly painted, new electrical panels, washer/dryer hookups in all units. The main panel has been upgraded to 400 amps with completely new wiring, including 10 new meters (9 units plus 1 house) have been installed. Units feature high-end finishes including new appliances, high end countertops, recessed lighting, and so much more. Offered at a 5.4% cap rate and a 13 GRM, 6708 Willoughby is an excellent income producing 9 unit apartment building in an extremely hot rental market surrounded by high end homes and primed to continue to appreciate and grow in rental income over time. The Siegel offers a 6.4% cap rate at market rents for all units, with additional rent growth in the future! Don't miss this stable income producing asset that holds significant income upside as rents grow.

23339499

MLS ID

December 13, 2023

Listed

May 25, 2024

Updated

Map

6708 Willoughby Avenue
Los Angeles CA, 90038

Interior Features

Total Stories

2


Bedrooms

10


Total Bathrooms

9


Appliances

Dishwasher, Disposal, Microwave, Refrigerator


Laundry Description

Stacked


Floor Description

Wood


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Combination

Exterior/Building Features

Lot Size

0.17 Acres

Other Property Details

Area Name

C20 - Hollywood


Days on Market

140


Garage

No


Parking

Gated


Parking Total

2


View

Yes


View Description

City Lights, Hills


County

Los Angeles


Pool

No


Pool Features

None


Zoning

LARD1.5


Buyer Agency Compensation

1.75%

Listing History

Date

Event

Price

4/12/2024

Price Change

$3,999,999

-7%

2/26/2024

Price Change

$4,300,000

-5%

1/10/2024

Price Change

$4,499,999

-1%

Listing Contact: 818-212-2757 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 5/25/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 5/25/2024 at 2:48 AM UTC

 

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