7506 Norton Avenue 7510, West Hollywood, CA 90046
List Price: $1.86M
Listing Status: Active
0Days on Market: 178
6 Bedrooms · 6 Bathrooms · 2,665 sq ft
Property Type: ResidentialIncome
Year Built: 1924
Lot Size: 6,120 sq ft
MLS Number: 26637909
About This Property
Available for an attractive 6.17% CAP Rate and 11.27 GRM, a new investor can benefit both from the property's strong immediate cash flow and from its substantial rent upside. With multiple apartments in the building already achieving rents of $3,000 per month, eventually bringing the remaining units to that rent level represents a potential 45% increase in revenue. According to recent reports from Niche.com, West Hollywood ranked #1 out of 111 neighborhoods in Los Angeles County among the Best Suburbs for Young Professionals, and ranked #2 in the entire state of California. With 80% of the West Hollywood population residing in rental housing, these semi-private one-bedroom bungalows are extremely attractive to this demographic, helping to boost both demand and rental rates. The property has earned a Walk Score of 93, which qualifies the immediate neighborhood as a "Walker's Paradise." Residents enjoy convenient access to the nearby Whole Foods Market, Trader Joe's, and Plummer Park. Within a short driving distance are The Grove, Beverly Hills, the Sunset Strip, Runyan Canyon, and numerous other destinations in both the Hollywood and West Hollywood areas.
Listing provided by: Roderick 'Rick' Raymundo DRE #01357019 818-212-2700 Rick.Raymundo@MarcusMillichap.com, Marcus & Millichap
Source: CRMLS, MLS #: 26637909
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.