3305 Primera Ave, Los Angeles, CA 90068

Property Description

3305 Primera Avenue, Los Angeles, CA 90068, is a luxury mid-century modern apartment building nestled in the Lake Hollywood hills amidst multimillion-dollar homes. The offering boasts impressive, stabilized income, offering investors exceptional long-term capital appreciation and wealth preservation. This meticulously remodeled 6-unit apartment building has been updated to the highest standards. These cutting-edge designer apartment homes offer treetop and area views, attracting discerning Angelos seeking a quiet oasis in one of Los Angeles's best neighborhoods. This rare offering is 1 of only 4 multifamily properties in this Lake Hollywood neighborhood (90068), where single-family homes sell for an average of $1,900,000. 3305 Primera Avenue, built in 1959, features an ideal unit composition of two (2) 2-Bedroom/2-Bathroom units, three (3) 3-Bedroom/2-Bathroom units, and one (1) spacious 4-Bedroom/3-Bathroom unit. In all, the property consists of 5,441 square feet of improvements on a 5,991 square foot lot, zoned LAR2. Ownership has conducted a complete transformation with no stone left unturned. Utilizing extensive permitting, ownership has ensured the complete replacement and upgrade of all building systems and a full remodeling of interior units with exceptional finishes. All interiors have been remodeled and boast new, stylish flooring, updated bathrooms and kitchens, designer appliances, central A/C units, new windows/sliding doors, washer/dryers in each unit, and expansive decking offering city and treetop views. Additionally, property amenities include covered parking for each unit and a camera system. The apartment homes are individually metered for gas and electricity, keeping the owner's expenses low, and a Ratio Utility Billing (RUBs) system is in place, passing utility expenses on to the tenants. Located in the highly desirable Lake Hollywood neighborhood in the Hollywood Hills, this newly renovated apartment complex offers spacious private decks with stunning views, parking, and security cameras. From this location, tenants will enjoy convenient access to Hollywood, Universal City, Ventura Boulevard, and the Metro Red Line. Tenants are a short distance (.7 miles) from the popular Lake Hollywood Reservoir Walking Trail. The 101, 134, and 405 freeways offer easy connections to Downtown Los Angeles, Pasadena, Santa Monica, and the beach. Some major employers nearby include Universal Studios and Warner Bros. Studios. The Hollywood Hills 90068 ZIP code features a median home price of $1,622,218. The typical monthly mortgage payment is more than three times the average renovated rent at 3305 Primera Avenue, ensuring continued demand from renters and strong occupancy.