6615 Franklin AVE, Los Angeles, CA 90028
6615 Franklin AVE, Los Angeles, CA 90028
6615 Franklin AVE, Los Angeles, CA 90028
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The Warburton Team Brokered By EXp

The Warburton Team Brokered By EXp

+1(626) 630-2141
$18,195,000
Est. payment /mo
86 Beds
87 Baths
65,746 SqFt
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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 65,746 sqft

Price per Sqft $276

MLS Listing ID 26862229

Bedrooms 86

HOA Y/N No

Year Built 1962

Lot Size 0.866 Acres

Property Description

With current ownership implementing over $4 million in property improvements over the past five years, this offering allows a new investor to secure a heavily-remodeled asset while also enjoying substantial immediate cash flow. Available at an attractive 6.88% CAP Rate and 9.25 GRM based on in-place income, the property provides an already strong initial return while allowing for future revenue improvement by applying the same interior renovation blueprint to the remaining apartments in order to recapture the rent upside. Included in the property's expansive reimagining are more than $2 million in apartment interior upgrades, a revamped courtyard with a bocce ball court, a revitalized swimming pool with a BBQ area and outdoor bathroom, a new exterior facade, a renovated elevator, new electrical subpanels, plumbing upgrades, and a newly remodeled lobby. The current owner has also installed a RUBS program, allowing a landlord to collect utility reimbursements from tenants as another valuable source of revenue. The buildings feature several electric car charging stations and tankless water heaters, helping to modernize the asset and attract higher-paying residents. The adjacent Whitley Heights and Hollywood Heights feature single-family homes that have sold from $2,500,000 to over $4,000,000 in the past year, conveying the prestige and desirability of the local neighborhood. Because most residents are priced out of this single-family home market, the local rental market experiences a more robust demand, benefitting area apartment owners. Situated just three blocks from the intersection of Hollywood Boulevard and Highland Avenue, the property offers residents convenient access to all of the most famous destinations throughout Hollywood. The Hollywood Bowl is only a half-mile away, while the Ford Theatre, Runyon Canyon, and Griffith Park are all within walking distance as well. Many nearby streets are benefitting from the $8 million "Access to Hollywood" project, which is anticipated to revitalize some of the most popular and heavily-trafficked local corridors.

Location

State CA

County Los Angeles

Area C03 - Sunset Strip - Hollywood Hills West

Zoning LAR4

Interior

Fireplace No

Exterior

Parking Features Assigned

Total Parking Spaces 74

Building

Story 4

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 5575006018

Special Listing Condition Standard

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Listed by Roderick 'Rick' Raymundo Marcus & Millichap #01357019

NEARBY SCHOOL & BUSINESS

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