$11799000 Price Analysis   ♡   Los Angeles, CA 90038 47 bed 43 bath 27640 SqFt ($426/SqFt) 0.27 acre lot. Built 1989 Listed 2024-03-12, Taxes $48057 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
We are pleased to present 1215 N Sycamore Ave
A 28-unit value-add multifamily investment opportunity located in LA's ultra-prime Sycamore District of Hollywood, LA Proper. Situated north of Santa Monica Blvd and east of La Brea Ave, the property is adjacent to what the LA Times calls LA's coolest new neighborhood. It boasts a WalkScore of 95 (Walker's Paradise) and is located 0.8 miles from the B Line (formerly the Red Line) Metro station. Built in 1989 and exempt from Los Angeles Rent Control, the property is comprised of 28 units with an exceptional mix of 68% 2-bedroom units, including 15 (2+2), 4 (2+1) and 9 (1+1) units, averaging approximately 987 gross square feet each. The 27, 640-square-foot building stands on an 11, 688-square-foot lot zoned LARD1.5-1XL. All units feature a b alcony or patio and large windows that allow for ample natural light, full kitchens with built-in ovens, dishwashers, refrigerators and microwaves, providing modern comfort. Some units offer views of Hollywood, West Hollywood and the LA Basin and include stainless-steel appliances, high-quality wood cabinets, laminated wood floors and decorative fireplaces, adding a touch of elegance to select units. The property features a gated entry, a garden, a courtyard/patio, on-site laundry and ample subterranean parking with more than 1 space per bedroom, allowing for at least 3 visitor parking spaces. Comprehensive security features include security cameras, an intercom system and secure gated covered subterranean parking.
The building also offers central air conditioning/heating, elevator access to all levels and is separately metered for gas and electricity. Boasting an outstanding Walk Score of 95, 1215 N Sycamore Ave is at the center of Hollywood's most dynamic submarket, a few blocks north of the Sycamore District, The Lot at Formosa and Showtime Studios. It is 2 blocks away from the West Hollywood Gateway, which features retail shopping including Target, Best Buy, CVS, Ulta, Mendocino Farms and Starbucks and is located near one of the hottest members-only concept fitness clubs HEIMAT. Adding to an already bustling neighborhood, CIM Group acquired 1.6 acres of land with plans to develop the tallest buildng in West Hollywood called 1000 La Brea. The towering 34-story building will feature 514 apartments on its upper floors and would include approximately 30, 000 square feet of commercial space, dedicated to a grocery store. Other elements of the project include parking for 674 vehicles and 393 bicycles. This exceptional location offers residents unmatched access to career centers, educational institutions, restaurants, nightlife, shopping and recreation (1 mile north to Runyon Canyon), all within one of the most walkable and high-demand locations in Southern California. Conveniently located one block north of CA-2, 0.8 miles from the B Line Metro station and 1.8 miles from the CA 101 freeway, the property ensures easy access to the city's extensive transit network and LA attractions. Ideally positioned in the heart of the Sycamore District, this well-maintained asset offers significant rental upside (30%+ rental upside) in a dynamic, thriving and centrally located submarket. It presents an astute investor with the potential to add significant value, appreciation and strong returns, supported by high tenant demand for a quality living experience in one of Los Angeles's most dynamic neighborhoods in the Western United States.
Presented by Matthew R. Kanner at
Keller Williams Realty Los Feliz.
Property MLS #24-367427 from TheMLSCLAW
Full Bathrooms: 43
Laundry Features: Community, Laundry Area
Heating Features: Central
Lot Size Source: Assessor
Lot Size Square Feet: 11688
Garage Description: Garage
Parking Total: 49
Calculated Total Monthly Association Fees: 0
Number of Units: 28
Unit Features: 1 BedsTotal: 2, 1 BathsTotal: 2, 1 SquareFeet: 55175, 2 BedsTotal: 2, 2 BathsTotal: 1, 2 SquareFeet: 13950, 3 BedsTotal: 1, 3 BathsTotal: 1, 3 SquareFeet: 26025
County: Los Angeles
Directions: Located in the Sycamore District submarket of Hollywood adjacent to West Hollywood just 2 blocks north of Santa Monica Blvd, 4 blocks west of Highland Ave, 3 blocks south of Sunset Blvd, and 1 block east of La Brea Ave.
Source Property Type: Residential Income
Area: Hollywood
Source Neighborhood: Hollywood
Parcel Number: 5531-012-035
Postal Code Plus 4: 1076
Zoning: LARD1.5
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $3332771 + $516564 $3849335 | $48057 |
| 2021 | $3267423 + $506436 $3773859 | $47332 |
| 2020 | $3233920 + $501244 $3735164 | $47783 |
| 2019 | $3170510 + $491416 $3661926 | $45957 |
| 2018 | $3108344 + $481781 $3590125 | $45740 |
| 2017 | $3047397 + $472335 $3519732 | $44739 |
| 2016 | $2987645 + $463074 $3450719 | $43460 |
| 2015 | $2942768 + $456119 $3398887 | $42848 |
| 2014 | $2885124 + $447185 $3332309 | $43065 |
| 2013 | $2872085 + $445164 $3317249 | $43061 |
| 2012 | $2815770 + $436436 $3252206 | $43643 |
| 2010 | $2760559 + $427879 $3188438 | $42834 |
| 2009 | $2746438 + $425691 $3172129 | $41278 |
| 2009 | $2739928 + $424682 $3164610 | $41278 |
| 2008 | $2692587 + $417345 $3109932 | $39569 |
| 2007 | $2639792 + $409162 $3048954 | $38195 |
$11799000
TheMLSCLAW
Listed 2024-03-12
$12300000
TheMLSCLAW
Listing removed 2014-04-28
$1750
WestsideRentals
Listed for rent 2014-03-27
$1750
WestsideRentals
Sold 1991-12-13
$2310000
Public Record
Sold 1991-06-25
$1960000
Public Record
Sold 1988-03-31
$620000
Public Record
Year Built: 1989
Levels: Three Or More Levels
Living Area Source: Assessor
Property Age: 35
Levels or Stories: 4
Building Total Stories: 4
Year Built Source: Assessor
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.