8
See all 8 photos
$1,550,000
Est. payment /mo
11 Beds
10 Baths
6,504 SqFt
New
5824 Virginia AVE Los Angeles, CA 90038
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 6,504 sqft
Price per Sqft $238
MLS Listing ID 26102302
Bedrooms 11
HOA Y/N No
Year Built 1962
Lot Size 7,762 Sqft
Property Description
5824 Virginia Avenue is an eight-unit apartment building in the heart of Hollywood, offered as a 100% fee simple interest on a free and clear basis. Built in 1962, the two-story building sits on a 7,499-square-foot lot with approximately 6,504 square feet of gross building area. The property offers five one-bedroom, one-bath units, one two-bedroom, one-bath unit and two two-bedroom, two-bath units, averaging roughly 778 square feet, a practical mix with broad appeal to young professionals, couples, roommates and creatives working in the surrounding entertainment industry. The building is set behind a secure perimeter gate, with gated rear parking, covered carport spaces and an on-site laundry facility, all valued amenities in a dense neighborhood where street parking is limited. A landscaped side walkway leads to the units. Current ownership has made significant capital improvements that address the costly building-level items buyers of older Los Angeles properties often face. The mandatory soft-story seismic retrofit has been completed, the roof has been replaced and all unit electrical subpanels have been upgraded. That allows a new owner to focus capital on interior upgrades and income growth rather than deferred maintenance or major structural work. The building is 100% occupied, providing stable, durable income from day one, and it offers the deepest embedded rental upside in the portfolio. In-place rents are approximately 29% below market, and every unit is currently leased below its market rent, giving a new owner a long runway to grow income over time. Several long-term tenancies are leased far below today's market levels, so each turnover represents a meaningful opportunity to renovate and re-lease at market. As units turn over, a buyer can introduce modern finishes such as updated kitchens with stainless steel appliances and stone-look countertops, wood-look plank flooring, refreshed bathrooms and improved lighting. Utility reimbursement income helps offset operating costs. The property is subject to the Los Angeles Rent Stabilization Ordinance, under which rents on vacated units can generally be reset to market at turnover. 5824 Virginia Avenue is located on a residential block one block north of Santa Monica Boulevard near Bronson Avenue. Residents are minutes from Sunset Boulevard, Hollywood Boulevard, major production studios, Metro rail and the Hollywood Freeway, giving easy access to employment centers across Los Angeles. Hollywood, renowned as the entertainment capital of the world, is one of the city's most recognized and amenity-rich rental markets. Residents enjoy historic theaters, live music venues, a celebrated outdoor amphitheater, award-winning restaurants, classic diners and lively nightlife, along with walkable shopping and iconic landmarks that draw millions of visitors each year. The Hollywood Hills and their hiking trails are a short drive north. Steady demand from professionals in entertainment, media, music and hospitality, combined with limited new supply of attainable housing, supports strong occupancy and long-term rent growth. For investors, 5824 Virginia Avenue combines a seismically retrofitted building, stable 100% occupancy and the most significant mark-to-market opportunity in the offering. It is well suited to value-add operators seeking a long-term repositioning play, 1031 exchange buyers looking for a well-maintained asset with upside and long-term investors who want to own in one of Southern California's most enduring rental markets. The property is available individually or as part of a 23-unit, three-building portfolio with an additional Hollywood property and an eight-unit asset in West Hollywood. Buyers should verify unit sizes and building systems during due diligence. Tours by appointment only; please do not contact residents or on-site management.
Location
State CA
County Los Angeles
Area C20 - Hollywood
Zoning LAR3
Interior
Heating Wall Furnace
Fireplace No
Exterior
Parking Features Gated
Building
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5534017014
Special Listing Condition Standard
Listed by Elliot Hassan NorthMarq Realty Services, Inc. #01481211
NEARBY SCHOOL & BUSINESS
GET MORE INFORMATION