5718 Hollywood Blvd
LOS ANGELES, CA 90028

Property

Ownership: For Sale
Bedrooms: 68 BR
Bathrooms: 68
Area: 23632 sq ft
Lot Size: 0.5 Acres

Financials

Price:$17,500,000
271 North Canon Drive Beverly Hills, CA 90210
Listing Courtesy of REMAX COMMERCIAL & INVESTMENT REALTY

5718 Hollywood Blvd 68BR Hollywood La

Description

Rare opportunity to acquire Hollywood View Towers, a 2005-built, LA RSO-EXEMPT 44-unit mixed-use multifamily asset on iconic Hollywood Boulevard. Spanning approximately 48,752 SF on a 23,627 SF LAR5 lot, the property features 41 well-appointed residences , four 1,455 SF three-bedroom/two-bath units, 26 spacious 1,104 SF two-bedroom/two-bath units, and 11 one-bedrooms plus 3 ground-floor retail suites that diversify the income stream. Units offer contemporary finishes, many with private balconies and views of the Hollywood Hills, while residents enjoy controlled access, elevator service, a sundeck, on-site laundry, and subterranean parking. The location is exceptionally connected: Walk Score 87 (Very Walkable), an 8-minute walk to the Hollywood/Western Metro B Line station, and a 9-minute drive to Downtown LA, with tenant demand anchored by Netflix, Paramount Pictures, Children's Hospital Los Angeles, and Kaiser Permanente in a zip code that is 83% renter-occupied. Built in 2005 and exempt from the LA Rent Stabilization Ordinance, the asset offers rent growth governed by state law rather than the city's more restrictive caps a rare and valuable attribute in a Hollywood market dominated by pre-1979 stock. Current rents average $2.65/SF against $2.95/SF at market, growing NOI from $986,363 to $1,137,276 and the cap rate from 5.64% going-in to 6.50%. At $397,727/unit and just $359/SF below the recent comp set average of $412/SF Hollywood View Towers is an outstanding opportunity to acquire modern construction, scale, and operational freedom in one of Los Angeles' most dynamic rental submarkets.

Neighborhood

More listings:

CLAW

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.