Skip To Content

    553 N Flores Street

    West Hollywood, CA 90048
    • $1,895,000
    • STATUS: Active
    • ON SITE: 41 days
    • ID#: SR21069253
    $1,895,000
    • 0
      BEDS
    • 0.13
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 6,320
      SQFT
    • $300
      $/SQFT
    Type:
    Multi-Family
    Built:
    1963
    County:

    School Ratings & Info

    Description

    An extremely rare opportunity to acquire a well-located, high-quality apartment community with multiple scenarios to add future value.5-unit multifamily property located in the always in-demand West Hollywood. Built in 1963, the property features one 1-bedroom unit, three 2-bedroom units, and one 3-bedroom unit. All units are occupied, with average in-place rents that are significantly below market allowing for substantial future upside. In addition to the rental and renovation upside scenarios, the Property also offers the potential to upgradeand convertthe existing rental units to for-sale condominium units. The Property is ideally located just one block from the Melrose Avenue Shopping District, one of Los Angeles most famous shopping, dining, and entertainment destinations. With over 180 stores, restaurants, and entertainment options situated along the stretch of Melrose Avenue between La Brea Avenue and La Cienega Boulevard.As a testament to the amenity-ladenlocation, the property features a coveted "Walkers Paradise designation with a walk score of 92 out of 100 andis directly served by several rapid bus lines and is immediately adjacent to numerous surface arterials, for convenient, centralized access to Hollywood and the greater Los Angeles Westside markets.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-14T00:35:14.603. 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 Zutila, Inc.. Licensed in the State of California, USA.
    www.myorangecountyhomesearcher.com/homes/115734512
    Print Image

    553 N Flores Street West Hollywood, CA 90048

    • Price: $1,895,000
    • Status: Active
    • ID#: SR21069253
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.13
    Acres
    6,320
    SQFT
    $300
    $/SQFT
    1963
    Built
    Neighborhood:
    C10 - West Hollywood Vicinity
    County:
    Los Angeles
    Area:
    C10 - West Hollywood Vicinity
    Property Description
    An extremely rare opportunity to acquire a well-located, high-quality apartment community with multiple scenarios to add future value.5-unit multifamily property located in the always in-demand West Hollywood. Built in 1963, the property features one 1-bedroom unit, three 2-bedroom units, and one 3-bedroom unit. All units are occupied, with average in-place rents that are significantly below market allowing for substantial future upside. In addition to the rental and renovation upside scenarios, the Property also offers the potential to upgradeand convertthe existing rental units to for-sale condominium units. The Property is ideally located just one block from the Melrose Avenue Shopping District, one of Los Angeles most famous shopping, dining, and entertainment destinations. With over 180 stores, restaurants, and entertainment options situated along the stretch of Melrose Avenue between La Brea Avenue and La Cienega Boulevard.As a testament to the amenity-ladenlocation, the property features a coveted "Walkers Paradise designation with a walk score of 92 out of 100 andis directly served by several rapid bus lines and is immediately adjacent to numerous surface arterials, for convenient, centralized access to Hollywood and the greater Los Angeles Westside markets.
    Exterior Features

    Carport YN Yes Lot Features 0-1 Unit/AcreNear Public TransitStreet LevelWalkstreet Number Of Separate Electric Meters 5 Parking Features Attached Carport Parking Total 10 Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved Roof Flat Spa Features None Spa YN No View City Lights View YN Yes

    Interior Features

    Common Walls 2+ Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Heating Central Heating YN Yes

    Property Features

    Additional Parcels YN No Common Interest None Community Features Street LightsSidewalksUrban Current Financing None Electric Electricity - On Property Electric Expense 3680 Garage YN Yes Gross Income 81954 Gross Scheduled Income 81954 Insurance Expense 4357 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash To New Loan Maintenance Expense 15245 Net Operating Income 12768 New Construction YN No New Taxes Expense 0 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 5 Number Of Units Leased 5 Operating Expense 68517 Possession Close Of Escrow Property Sub Type Mixed Use Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Supplies Expense 385 Tenant Pays Cable TvElectricityGas Total Actual Rent 6755 Trash Expense 1338 Utilities Electricity ConnectedNatural Gas ConnectedSewer ConnectedWater Connected Vacancy Allowance Rate 3 Water Sewer Expense 2014 Water Source Public Zoning Wdr3c

    Listing provided courtesy of Gina Michelle of The Agency and Melissa Siegel of The Agency


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-05-14T00:35:14.603. 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 Zutila, Inc.. Licensed in the State of California, USA.
     
    https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_365337969-1.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_365337969-1.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_365337969-1.jpg
    Logo
    Zutila, Inc.
    36 Discovery #100
    Irvine CA, 92618