West Hollywood, CA 90046,7506 Norton Ave #7510
West Hollywood, CA 90046,7506 Norton Ave #7510
West Hollywood, CA 90046,7506 Norton Ave #7510
West Hollywood, CA 90046,7506 Norton Ave #7510
West Hollywood, CA 90046,7506 Norton Ave #7510
West Hollywood, CA 90046,7506 Norton Ave #7510
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$ 1,865,000
Est. payment | /mo

6 Beds

6 Baths

2,665 SqFt


Save
$ 1,865,000
Est. payment | /mo
Save

6 Beds

6 Baths

2,665 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 2,665 sqft

Price per Sqft $699

MLS Listing ID 26637909

Bedrooms 6

Year Built 1924

Lot Size 6,120 Sqft

Acres 0.1405

Property Sub-Type Multi-Family

Property Description

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.

Location

State CA

County Los Angeles

Area West Hollywood Vicinity

Zoning WDR2*

Rooms

Other Rooms None

Interior

Heating Other

Cooling Other

Equipment Other

Exterior

Parking Features Assigned

Garage Spaces 5.0

Building

Story 1

Level or Stories One

Others

Special Listing Condition Standard

TheMLS (CLAW)
Listed by Marcus & Millichap

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7506 Norton Ave #7510