$2,795,000
553 Flores Street, West Hollywood 90048
14
Beds
12
Baths
7,087
Square feet
5,760
Lot Size
6
# Of Units
Listing Agent
Saadia 'sam' Liberow - Marcus & MillichapThe 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.
Facts & Features
MLS® # | 24395707 |
---|---|
Price | $2,795,000 |
Bedrooms | 14 |
Bathrooms | 12.00 |
Square Footage | 7,087 |
Lot Size | 5,760 |
Year Built | 1963 |
Type | Residential Income |
Status | Active |
# Of Units | 6 |
Community Information
Address | 553 Flores Street |
---|---|
Area | C10 - West Hollywood Vicinity |
City | West Hollywood |
County | Los Angeles |
Zip Code | 90048 |
Amenities
Parking Spaces | 10 |
---|---|
Parking | None |
Garages | None |
Is Waterfront | No |
Has Pool | No |
Interior
Heating | None |
---|---|
Cooling | None |
Has Basement | No |
Fireplace | No |
# of Stories | 2 |
Stories | Two |
Additional Information
Date Listed | May 24th, 2024 |
---|---|
Days on Market | 23 |
Zoning | WDR3C* |
Foreclosure | No |
Short Sale | No |
RE / Bank Owned | No |
Listing Details
Agent | Saadia 'sam' Liberow |
---|---|
Office | Marcus & Millichap |