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Active

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$4,700,000

$340/ft²

1429 Havenhurst Dr, West Hollywood, CA 90046

Property Description

Generational opportunity to acquire an 18-unit West Hollywood apartment community just steps from the iconic Sunset Strip, attractively priced at approximately $261,000 per unit and $339 per square foot. The fully occupied asset offers a 5.5% in-place cap rate and 12.9 GRM, with projected future performance of approximately an 8.9% pro forma cap rate and 8.7 GRM through strategic interior renovations and operational enhancements. We are pleased to exclusively offer 1429 N. Havenhurst Drive, a premier multifamily investment opportunity positioned in one of Southern California's most desirable and supply-constrained rental markets. Located on a quiet, tree-lined street just south of Sunset Boulevard and minutes from Melrose Avenue and Beverly Hills, the property provides immediate scale in a location defined by affluent demographics, exceptional walkability, world-class amenities and enduring rental demand. Beautifully situated near the heart of the Sunset Strip and close to the iconic Chateau Marmont, the property consists of a desirable mix of spacious one- and two-bedroom residences featuring generous floor plans, abundant natural light and classic mid-century architecture. Ownership has meticulously maintained the asset, which features beautiful landscaping, strong curb appeal, completed seismic retrofitting and brand-new dual-pane windows throughout, significantly reducing near-term capital expenditure requirements. The property presents a compelling value-add opportunity. Investors can renovate select interiors, capture substantial rental upside and improve overall operations while maintaining strong in-place occupancy and cash flow. Additionally, the property may accommodate up to 7 ADUs, potentially increasing the unit count by nearly 40% and creating significant long-term value-creation potential. Buyer to verify all development potential, zoning, density, ADU eligibility and applicable requirements with the appropriate governmental agencies. The property is positioned within one of Los Angeles' most dynamic residential and mixed-use corridors, with continued investment occurring throughout West Hollywood, the Sunset Strip and neighboring Beverly Hills. West Hollywood's Sunset Boulevard continues to attract significant development interest. The proposed 9034 Sunset Boulevard project calls for approximately 198 residential apartments, including 35 affordable units, along with approximately 9,250 SF of office space, 1,800 SF of restaurant space and 2,840 SF of retail space. Nearby Beverly Hills is likewise experiencing substantial residential and mixed-use investment. Current projects include the proposed 8300 Wilshire Boulevard development, a 34-story mixed-use project with 211 residential units, and the proposed 9220 N. Santa Monica Boulevard project, which includes 217 residential units and ground-floor restaurant space.Further reinforcing the area's long-term investment profile, One Beverly Hills is currently under construction adjacent to The Beverly Hilton and will include luxury condominiums, an Aman hotel, retail, restaurants, conference space and significant publicly accessible landscaped open space, with completion anticipated in 2028. This continued investment is helping further establish the broader West Hollywood/Beverly Hills corridor as a premier live-work-play destination, with expanding residential, hospitality, dining, retail and entertainment offerings. Residents enjoy immediate access to West Hollywood's world-class dining, nightlife, entertainment and retail, while remaining minutes from Sunset Boulevard, Melrose Avenue, Beverly Hills, Beverly Grove and major employment centers serving Los Angeles' entertainment, media, technology and creative industries.

Listing provided by: Dana BrodyDRE #01429001818-212-2757 dana.brody@marcusmillichap.com, Dana Brody

MLS #: 26661681

FLIP & EXPANSION SIMULATORHIGH RISK / NEGATIVE

Simulate profit based on remodel ($140/sf) & addition ($180/sf)

-$1.25M

-38.2% ROI

Rehab + Add$2043K

Est. ARV$5784K

Est. Profit-$1.25M

Proj. ROI-38%

Sqft to Add (Expansion / ADU)+600 sqft (14,424 total sf)

Remodel Rate (Existing Space)$140/sqft ($1935K total)