18-Unit 1920s Bungalow-Style Multifamily | East Hollywood

Highlights:

• 18-unit 1920s bungalow-style multifamily on 18,552 SF
• Seven buildings, 1922-1924, 7,844 SF total
• 17 of 18 occupied; large rental upside upon turnover (RSO)
• Current NOI $165,493; current cap rate 3.68%
• Adjacent to CHLA-owned property; C4-1 · TOC Tier 3 · Walk Score 94
• Covered land beside Children's Hospital Los Angeles
• $250,000/unit | $574/SF bldg | $243/SF land

Description:

PartnersCRE is pleased to present 1316-1324 Virgil Pl, an 18-unit multifamily property of charming 1920s bungalow-style buildings on a large 18,552 SF lot in East Hollywood, near Sunset Boulevard and Vermont Avenue. The two lots are directly adjacent to and surrounded by property owned by Children's Hospital Los Angeles (CHLA).

Seven bungalow-style buildings (built 1922 to 1924) total 7,844 SF on two contiguous parcels. Unit mix: 2 studios, 8 one-bedrooms, 4 two-bedrooms, two 3 bed / 1 bath and two 3 bed / 2 bath. 17 of 18 units occupied. Scheduled rent $297,312 per year including the vacant studio at asking. Estimated current NOI $165,493; current cap rate 3.68% at the asking price. All units are under the Los Angeles RSO. In-place rents are well below current East Hollywood market rents, offering large rental upside upon unit turnover. Zoned C4-1, TOC Tier 3. Walk Score 94. Covered land with in-place income next to the Children's Hospital Los Angeles campus. Asking $4,500,000 ($250,000/unit, $243/land SF). No entitlements are in place or implied; buyer to verify.

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