The property at 553 Flores Ave offers an excellent unit mix, including one 1+1, one 2+2, one 3+3, two 3+2 units, and RTI plans for a 2+2 ADU, attracting a wide range of tenants from young professionals to families. Situated in the heart of West Hollywood, it serves as a gateway to Los Angeles' cultural epicenter, near iconic landmarks like The Grove, Farmers Market, and Melrose Avenue, ensuring high tenant demand and premium rental rates. Nearby restaurants such as Catch LA, Sushi Gina Onodera, and Urth Caffe, with the "Golden Triangle" in Beverly Hills just a short drive away, add to its appeal. The property offers modern conveniences, fostering a sense of community and reducing reliance on transportation, leading to higher tenant retention and increased desirability. This stabilized asset presents an attractive acquisition in a supply-constrained market, offering a 5.12% CAP rate, with three of the five units extensively renovated and achieving market rents. The seller has secured approved plans for an ADU, enhancing rental income potential. West Hollywood's affluent demographic, with an average household income of nearly $131K within a mile, contributes to a favorable investment climate and sustained demand for quality rentals. Overall, 553 Flores Ave represents a compelling investment opportunity with strong fundamentals, a prime location, exceptional walkability, and promising growth prospects, making it a lucrative option for discerning investors in the dynamic Los Angeles real estate market.
Property Type :
Residential Income
Subdivision :
Fallbrook
County :
Los Angeles
Style :
Residential Income
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ByOwner last updated this listing 06/17/2024 @ 15:23
MLS: 24395707
LISTED BY: Saadia 'Sam' Liberow, Marcus & Millichap
SOURCE: CRMLS
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.
