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HUGE $ REDUCTION: NO RENT CONTROL IN WEHO 8815 Cynthia St
21 Unit Apartment Building $15,425,000 USD ($734,524 USD/Unit) West Hollywood, CA 90069
Investment Highlights
- HUGE PRICE REDUCTION: Premier West Hollywood location
- Huge rental upside
- Approx. $829,000 spent on apartment renovations and Approx. $81,000 spent on common area renovations
- EXEMPT from City rent control (AB 1482 applies)
- Courtyard building with fountain
- Excellent candidate for condominium conversion
Executive Summary
HUGE PRICE REDUCTION: 8815 Cynthia Street is a prestigious opportunity to acquire a property in one of the best rental locations in prime West Hollywood. Built in 1989, the property is NOT subject to the city of West Hollywood’s rent control (AB 1482 does apply). 4 of the units are subject to lower income covenants. The beautiful courtyard property boasts an ideal unit mix consisting of all 19 two-bedroom two bath units and 2 one-bedroom one bath units. Each of the units is extremely spacious, has a terrific floor plan, and offers an abundance of natural light. Units feature upgraded and luxurious amenities including stainless steel appliances, quartz or granite countertops, fireplaces, vinyl or laminate flooring, spacious kitchens/bedrooms/bathrooms, large balconies/patios, individual water heaters, and central heat and air conditioning. Other property features include secure entry, copper plumbing, 18 camera video system, and gated subterranean parking (an incredible 47 parking spaces for 21 units). 8815 Cynthia Street is regarded as
a “Walker’s Paradise” as it features an incredible Walk Score of 92. With such an abundance of parking and an ideal unit mix, the property is well positioned for an investor looking for a condominium conversion project. This rare offering presents an astute investor with the unique opportunity to capitalize on higher market rents and to acquire a premier asset in one of the best
rental locations in all of Los Angeles.
a “Walker’s Paradise” as it features an incredible Walk Score of 92. With such an abundance of parking and an ideal unit mix, the property is well positioned for an investor looking for a condominium conversion project. This rare offering presents an astute investor with the unique opportunity to capitalize on higher market rents and to acquire a premier asset in one of the best
rental locations in all of Los Angeles.
Financial Summary (Pro forma - 2024) |
Annual (USD) | Annual Per SF (USD) |
---|---|---|
Gross Rental Income | $780,531 | $32.97 |
Other Income | $5,160 | $0.22 |
Vacancy Loss | $23,416 | $0.99 |
Effective Gross Income | $762,275 | $32.20 |
Taxes | - | - |
Operating Expenses | - | - |
Total Expenses | $290,170 | $12.26 |
Net Operating Income | $472,105 | $19.94 |
Financial Summary (Pro forma - 2024)
Gross Rental Income (USD) | |
---|---|
Annual | $780,531 |
Annual Per SF | $32.97 |
Other Income (USD) | |
---|---|
Annual | $5,160 |
Annual Per SF | $0.22 |
Vacancy Loss (USD) | |
---|---|
Annual | $23,416 |
Annual Per SF | $0.99 |
Effective Gross Income (USD) | |
---|---|
Annual | $762,275 |
Annual Per SF | $32.20 |
Taxes (USD) | |
---|---|
Annual | - |
Annual Per SF | - |
Operating Expenses (USD) | |
---|---|
Annual | - |
Annual Per SF | - |
Total Expenses (USD) | |
---|---|
Annual | $290,170 |
Annual Per SF | $12.26 |
Net Operating Income (USD) | |
---|---|
Annual | $472,105 |
Annual Per SF | $19.94 |
Property Facts
Price | $15,425,000 USD | Building Class | B |
Price Per Unit | $734,524 USD | Lot Size | 0.41 AC |
Sale Type | Investment | Building Size | 23,675 SF |
No. Units | 21 | Average Occupancy | 86% |
Property Type | Multifamily | No. Stories | 3 |
Property Subtype | Apartment | Year Built | 1989 |
Apartment Style | Low Rise | Parking Ratio | 1.99/1,000 SF |
Price | $15,425,000 USD |
Price Per Unit | $734,524 USD |
Sale Type | Investment |
No. Units | 21 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | B |
Lot Size | 0.41 AC |
Building Size | 23,675 SF |
Average Occupancy | 86% |
No. Stories | 3 |
Year Built | 1989 |
Parking Ratio | 1.99/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Storage Space
- Heating
- Kitchen
- Granite Countertops
- Hardwood Floors
- Oven
- Range
Site Amenities
- Controlled Access
- Laundry Facilities
- Gated
- Pet Play Area
- Storage Space
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
2+2 | 19 | $2,579 USD | 1,150 |
1+1 | 2 | $3,270 USD | 750 |
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Walk Score ®
Walker's Paradise (90)
PROPERTY TAXES
Parcel Number | 4339-013-028 | Improvements Assessment | $4,462,075 USD |
Land Assessment | $11,155,189 USD | Total Assessment | $15,617,264 USD |
PROPERTY TAXES
Parcel Number
4339-013-028
Land Assessment
$11,155,189 USD
Improvements Assessment
$4,462,075 USD
Total Assessment
$15,617,264 USD
zoning
Zoning Code | LCR4* |
LCR4* |
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HUGE $ REDUCTION: NO RENT CONTROL IN WEHO | 8815 Cynthia St
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