Exclusive Listings

62-unit 100% Vacant Apartment in prime Hollywood location

Address:
7070 Franklin Ave
Los Angeles, CA 90028
Price:
$18,500,000
Status:
Taking Backups
Type:
Apartment
# Units:
62
Year Built:
1958
Building Size:
±35,378 SF
Lot Size:
±25,931 SF
CAP Rate:
n/a
GRM:
n/ax
Price/Unit:
$298,400
Price/SqFt:
$523

* CAP RATE and GRM are PROFORMA ONLY. The property is 100% VACANT

** BUYER need to sign a CONFIDENTIALITY AGREEMENT to get access to Offering Memorandum and schedule a private tour.

*** BUYER to pay for BUYER’s AGENT/BROKER commission if Buyer have another agent other than Growth Investment Group – Han Widjaja Chen representing them.

INVESTMENT HIGHLIGHTS

  • TRUE Prime value-add opportunity with 100% vacancy in a Class A location in the heart of Hollywood! (building has been vacant for more than 5 years)
  • One of the very few true value-add apartment deals that DOES NOT REQUIRE ANY TENANT BUYOUT!
  • Long-time owner since 1979!
  • Superb location! A block from Hollywood & Highland, Hollywood Walk of Fame, TCL Chinese Theatre, Hollywood/Vine Station, Yamashiro | Hollywood, etc.
  • Walker’s Paradise – walk score 93!
  • Excellent access to FWY 101; Minutes away from Hollywood Bowl
  • Amenities: secured entrance, subterranean parking, sundeck with views, swimming pool
  • Master metered for electricity and gas; some units have private patio/balcony
  • Blank canvas for a creative investor to rehab the property and maximize its income potential

 

 EXECUTIVE SUMMARY

The Growth Investment Group as the exclusive listing agent is proud to offer 7070 Franklin Ave, Los Angeles, a 62-unit 100% VACANT value-add apartment investment opportunity located in the heart of Hollywood, CA. The property is a block away from the world renown Hollywood Blvd and literally within walking distance to the some of the most iconic Hollywood destinations such as El Capitan Theatre, Hollywood Walk of Fame, TCL Chinese Theatre, Hollywood & Highland, Madame Tussauds Hollywood, Yamashiro Hollywood.

Because of this extremely great location, it has a Walk Score 93 out of 100, demonstrating “WALKER’s PARADISE” location to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues. This offering presents the only TRUE VALUE ADD, 100% vacant investment opportunity in an iconic neighborhood of Los Angeles. The property has been in the same ownership since 1979.

The property is three-story mid-high-rise apartment that was built in 1958 with ±35,378 SF building size and situated on a ±25,931 SF lot size. It has efficient unit mix and good number of parking spaces. The unit mix detail and floor plan can be found in the OFFERING MEMORANDUM. The property is bordering West Hollywood and has superb access to FWY 101, Santa Monica Blvd, and offers an easy commute to additional employment centers of downtown Los Angeles.

 

Please contact Han Widjaja Chen [email protected] to get the Confidentiality Agreement for document and building access.




Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
[email protected]

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: [email protected]
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