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1203 N Kings Road

West Hollywood, CA

30 Units

 

$9,450,000

Built 1967

Building SF: 38,570

Lot Size: 18,915

CAP Rate: 3.44%

GRM: 16.82

Cost Per Unit: $315,000

Average Rents: $1,561

Rents Per SF: $1.38

1203 N Kings Road, West Hollywood

1203 N Kings Road, West Hollywood

Sold For $9,450,000

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Arthur Arejian of Vanguard Investments Inc., as exclusive listing agent, is pleased to present an opportunity to purchase a 30-unit apartment building located at 1203 North Kings Road, in the City of West Hollywood, California, 90069. This prime West Hollywood property consists of extremely large units with balconies in all units, and contains an excellent unit mix of 15 one bedroom-one bathroom units ranging from 930-980 SF, 10 two bedroom-two bathroom units from 1,224-1,534 SF, 2 three bedroom-two bathroom units which are approximately 1,820 SF and 3 Studios ranging from 620-651 SF.

 

This property is a 3-story building with underground secured parking, a lobby entrance, 45 parking spaces, including 3 stalls for charging stations for electric cars. The building has one elevator, one laundry room, one large 700 SF workshop, and an unused 1,500 SF recreation room. This recreation room could be a perfect conversion to a storage area for rent, which will produce at the very least $1,000 per month in additional income as a highly requested tenant amenity. This recreation room also has two separate full bathrooms with showers, as well as two separate dry saunas, both of which are currently nonoperational. This property, built in 1967, with wood frame and stucco construction, is separately metered for gas & electricity and is comprised of 38,570 SQ FT of improvements sitting on an 18,642 SQ FT lot. The roof is in excellent condition and was newly installed in 2006. The property has two separate hot water heaters and all units have electric stoves as well as electric radiant heat in the ceilings. All floors have wide hallways with trash chutes and well designed LED lighting. Third floor hallways and units have skylights. All units have wall A/C units, door bells as well as large closet space. Overall this building has similar characteristics to a Condo quality property. Approximately 12 units have been recently renovated.

© 2022 Vanguard Investments Inc.

 

9663 Santa Monica Blvd Suite 1171, Beverly Hills, CA 90210

Office: 323.512.5600

Email: aa@vanguard-inc.com

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