6061 Franklin Ave - Apartments FOR SALE


Los Angeles, CA 90028
$2,895,000 USD
818-212-2735
6061 Franklin Ave, Los Angeles, CA for Sale
$2,895,000 USD
Apartments - FOR SALE
1/36
null | 6.21% Cap Rate

6061 Franklin Ave
Los Angeles, CA 90028


HIGHLIGHTS

  • Prime Greater Hollywood Hills Location
  • Rare Turn-Key Asset
  • Fully Renovated in 2015 - Recently Repainted with a Quality Aesthetic & Wood Deco Throughout
  • Excellent Initial Cap Rate - 6.21%
  • Potential to Convert the Two (2) Storage Rooms into Multiple ADUs
  • Property is Gated & Secure with Recently Re-Tarred Driveway

OVERVIEW

Marcus and Millichap is pleased to present a twelve (12) unit apartment building located at 6061 Franklin Avenue in Los Angeles, California. The subject property is positioned in a prime Greater Hollywood Hills location, north of Franklin Avenue and west of North Beachwood Drive. In the rolling hills of Hollywood, you’ll discover no other than Hollywood Hills, one of the most affluent communities in Los Angeles, situated ten miles northwest of the city. Home to the famous Hollywood Sign on Mount Lee, this neighborhood boasts significant landmarks, breathtaking views, and famous rolling hills, which are a part of the Santa Monica Mountains. With attractions like Runyon Canyon Park, Lake Hollywood Park, Griffith Park, and the Hollywood Bowl, this neighborhood is one for the books. And directly south of town, you’ll find even more exquisite attractions like the Hollywood Wax Museum and Hollywood Pantages Theatre! North of Hollywood Hills, you’ll find the some of the city’s greatest attractions in Universal City. Discover Universal Studios Hollywood and its famous sites like the Wizarding World of Harry Potter and Universal CityWalk, a vibrant area of shops, restaurants, bars, theaters, and so much more. Upscale apartments and historic West Coast-style homes reside on spacious lots along rolling hills with scenic views of the city and the nearby coast. With shopping, restaurants, hiking trails, big cities, and famous landmarks within reach, Hollywood Hills is an ideal residential destination on the West Coast. Built in 1954, this property contains a streamlined unit mix of twelve (12) one bedroom / one bathroom units. The units vary in size with six (6) smaller, four (4) that are large, and two (2) large front units that boast a private patio in the front of the building. The whole building was fully renovated in 2015, now features a quality aesthetic with wood deco throughout, completed a soft-story retrofit in 2021, is gated & secure with a recently re-tarred driveway, CCTV throughout the building, and an on-site laundry room. There are six (6) uncovered parking spaces and two (2) tuck-under parking spaces available. There is two (2) additional large storage units with potential to convert into multiple ADUs. Tenants will enjoy being within short walking distance to some of the best entertainment, retail, and restaurant amenities in Los Angeles. Some of the nearby amenities include the Hollywood Walk of Fame, Avalon Hollywood & Bardot, Gower Plaza Shopping Mall, Gelson’s Grocery, TAO, Katsuya Hollywood, Wood & Vine, Scum and Villainy Cantina, The Bourbon Room, and many more. A short drive up North Beachwood Drive and residents can experience outdoor recreation hiking the Hollywood sign and enjoying the quaint, laid back community at Beachwood Canyon. Situated in a prime greater Hollywood Hills location, this offering presents an excellent opportunity for any investor to purchase a turn-key, quality aesthetic asset with an excellent starting cap rate.

FOR SALE DETAILS

PRICE

$2,895,000 USD

PRICE/SF

$546 USD /SF

# OF UNITS

12

PRICE/UNIT

$241,250

CAP RATE

6.21%

% LEASED

83%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1954

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,362 SF

ZONING

LAR3

APN/PARCEL ID

5586-008-002

ASK ABOUT THIS PROPERTY

Jason TuviaMarcus & MillichapMore Info
818-212-2735

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Jason TuviaMarcus & MillichapMore Info
818-212-2735

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.