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    1220 N Harper Avenue

    West Hollywood, CA 90046
    • $4,150,000
    • STATUS: Active
    • ON SITE: 68 days
    • ID#: PW21049393
    UPDATED: 24 min ago
    $4,150,000
    • 0
      BEDS
    • 0.22
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 8,226
      SQFT
    • $504
      $/SQFT
    Type:
    Multi-Family
    Built:
    1956
    County:

    School Ratings & Info

    Description

    Immediate Upside Created for New Owner!! Lowest rent-paying unit (2 bedroom) just served notice! NEW OWNER WILL BENEFIT FROM 57% INCREASE ON UNIT 10Available for the first time in 30 years, 1220 N Harper Ave is a well maintained 10-unit apartment building built in 1956. This charming 2-story walk-up has an excellent unit mix, consisting of six 2-bedroom and four 1-bedroom units with 30% having been tastefully remodeled. The property sits on a 9,655 SF lot and has plenty of off-street covered-parking averaging 1.4 spaces per unit, both individual and tandem. There is an onsite laundry facility with owner-owned equipment, and the city required soft-story retrofit parking has been completed and the Certificate of Compliance has been issued and received. This legacy asset is located on a desirable tree lined street in the heart of West Hollywood between the famous Santa Monica Blvd strip (to the south) and Sunset Blvd (to the north), Crescent Heights (to the east) and La Cienega (to the west). Tenants enjoy being close to some of the trendiest spots for dining, shopping, entertainment and health & wellness! A walkers paradise with a score of 93, steps away from Gelsons market, Trader Joes, Equinox, 24-Hour Fitness, The Comedy Store, Fred Segal, Nobu, Urth Caf, and the list goes on and on! There may not be a better place for an investor to preserve their capital, when considering that comparable assets located close by have shown the utmost resilience through all stages of the market cycles. The new buyer will have a generational asset and will continue to increase value through tenant-turnover and remodeling of the remaining 70% of the units. Properties in this area have brought local owners rent growth and appreciation similar to the bordering sister-city of Beverly Hills. "As the oldest maxim in real estate clearly attests, Location, Location, Location is everything. And in Los Angeles, no location surpasses Beverly Hills and West Hollywood. The combination of geographic positioning, architecture/design, and the amazing amenities of the two inextricably linked cities simply cannot be beat. (Edward Fitz- of MarketWatch)

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-17T12:39:04.213. 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 deemed reliable but is not guaranteed accurate by the MLS or The Bhagat Group. Licensed in the State of California, USA.
    www.propertycove.com/homes/114911305
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    1220 N Harper Avenue West Hollywood, CA 90046

    • Price: $4,150,000
    • Status: Active
    • Updated: 24 min ago
    • ID#: PW21049393
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.22
    Acres
    8,226
    SQFT
    $504
    $/SQFT
    1956
    Built
    Neighborhood:
    C10 - West Hollywood Vicinity
    County:
    Los Angeles
    Area:
    C10 - West Hollywood Vicinity
    Property Description
    Immediate Upside Created for New Owner!! Lowest rent-paying unit (2 bedroom) just served notice! NEW OWNER WILL BENEFIT FROM 57% INCREASE ON UNIT 10Available for the first time in 30 years, 1220 N Harper Ave is a well maintained 10-unit apartment building built in 1956. This charming 2-story walk-up has an excellent unit mix, consisting of six 2-bedroom and four 1-bedroom units with 30% having been tastefully remodeled. The property sits on a 9,655 SF lot and has plenty of off-street covered-parking averaging 1.4 spaces per unit, both individual and tandem. There is an onsite laundry facility with owner-owned equipment, and the city required soft-story retrofit parking has been completed and the Certificate of Compliance has been issued and received. This legacy asset is located on a desirable tree lined street in the heart of West Hollywood between the famous Santa Monica Blvd strip (to the south) and Sunset Blvd (to the north), Crescent Heights (to the east) and La Cienega (to the west). Tenants enjoy being close to some of the trendiest spots for dining, shopping, entertainment and health & wellness! A walkers paradise with a score of 93, steps away from Gelsons market, Trader Joes, Equinox, 24-Hour Fitness, The Comedy Store, Fred Segal, Nobu, Urth Caf, and the list goes on and on! There may not be a better place for an investor to preserve their capital, when considering that comparable assets located close by have shown the utmost resilience through all stages of the market cycles. The new buyer will have a generational asset and will continue to increase value through tenant-turnover and remodeling of the remaining 70% of the units. Properties in this area have brought local owners rent growth and appreciation similar to the bordering sister-city of Beverly Hills. "As the oldest maxim in real estate clearly attests, Location, Location, Location is everything. And in Los Angeles, no location surpasses Beverly Hills and West Hollywood. The combination of geographic positioning, architecture/design, and the amazing amenities of the two inextricably linked cities simply cannot be beat. (Edward Fitz- of MarketWatch)
    Exterior Features

    Lot Features Level Number Of Separate Electric Meters 0 Parking Total 0 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Common Walls 1 Common Wall

    Property Features

    Additional Parcels YN No Common Interest None Community Features Curbs Electric Expense 6100 Fuel Expense 0 Garage YN No Gross Income 233988 Gross Scheduled Income 246304 Insurance Expense 3702 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New LoanConventional1031 Exchange Maintenance Expense 6500 Net Operating Income 147306 New Construction YN No New Taxes Expense 51875 Number Of Separate Gas Meters 0 Number Of Separate Water Meters 0 Operating Expense 86683 Other Expense 2500 Rent Control YN No Senior Community YN No Sewer None Special Listing Conditions Standard Trash Expense 2815 Utilities Sewer Not AvailableWater Not Available Water Sewer Expense 0 Water Source None Zoning Wdr4*

    Listing provided courtesy of Justin White of Justin White


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-17T12:39:04.213. 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 deemed reliable but is not guaranteed accurate by the MLS or The Bhagat Group. Licensed in the State of California, USA.
     
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