7118 Willoughby Avenue

7118 Willoughby Ave, Los Angeles, CA 90046, USA

For Sale

$1,750,000

Property Description

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 7118 Willoughby Avenue in Los Angeles, California. The subject property is situated in a prime West Hollywood adjacent location, south of Santa Monica Boulevard and west of North La Brea Avenue.

West Hollywood, affectionately known as WeHo, is a city of less than four square miles completely surrounded by the cities of Los Angeles, Hollywood, and Beverly Hills. Famous locations associated with Hollywood include the historic Hollywood Walk of Fame, iconic Sunset strip, trendy Melrose Avenue, and the newly developed chic Sycamore Avenue. Fabulous restaurants, shopping, clubs, and entertainment are conveniently located within walking distance or short drive. The West Hollywood submarket is dominated by renters, with renter occupied units representing over 80% of the area’s housing and owner occupied representing nearly 20% of the area’s housing market. The average rent amount for a one-bedroom apartment in West Hollywood is nearing $2,300 per month. Recently, HBO and HBO Max signed a multi-year lease agreement with CIM Group for 161,000 square feet of soundstages and office space at The Lot Studios at Formosa, an entertainment production hub in West Hollywood located just a quarter mile away from the subject property. The subject property is situated along a major transportation corridor, La Brea Avenue, with stops at the Hollywood/Vine Station, the Hawthorne/Lennox Station, West Hollywood, Downtown LA, and the Avalon Station at Melrose Avenue and Main Street.

Built in 1948, this property contains a great unit mix of four (4) one bedroom / one bathroom units and two (2) two bedroom / one bathroom units. This rare corner lot property is gated, secure, and features lush landscaping. There is potential to convert the five (5) garage parking spaces into two (2) ADU units. Offering will be delivered with one (1) vacant unit. Tenants will enjoy this incredible location in Los Angeles, right on the border of West Hollywood. Right across the street is a brand new Sprouts Farmers Marketplace. For entertainment, tenants can find some of the trendiest boutique retail and galleries just a few blocks away, along Melrose Avenue. Outdoor recreation is available less than half a mile away, just a short walk down the corridor on Willoughby Avenue to Poinsettia Recreation Center and tennis courts.

Situated in a prime West Hollywood adjacent location, this offering presents an excellent opportunity for any investor to add value and capitalize on over 50% rental upside potential in one of the rarest core Los Angeles markets.

Contact Agent

Jason Tuvia / Nick Mejerski

818.212.2735

Unit Mix

Four (4) One Bedroom / One Bathroom Units & Two (2) Two Bedroom / One Bathroom Units

Property Type

Multifamily

Submarket

Price

Size

4,161 SF

Total Units

Year Built

1948

Property Location

7118 Willoughby Ave, Los Angeles, CA 90046, USA

Property Description

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 7118 Willoughby Avenue in Los Angeles, California. The subject property is situated in a prime West Hollywood adjacent location, south of Santa Monica Boulevard and west of North La Brea Avenue.

West Hollywood, affectionately known as WeHo, is a city of less than four square miles completely surrounded by the cities of Los Angeles, Hollywood, and Beverly Hills. Famous locations associated with Hollywood include the historic Hollywood Walk of Fame, iconic Sunset strip, trendy Melrose Avenue, and the newly developed chic Sycamore Avenue. Fabulous restaurants, shopping, clubs, and entertainment are conveniently located within walking distance or short drive. The West Hollywood submarket is dominated by renters, with renter occupied units representing over 80% of the area’s housing and owner occupied representing nearly 20% of the area’s housing market. The average rent amount for a one-bedroom apartment in West Hollywood is nearing $2,300 per month. Recently, HBO and HBO Max signed a multi-year lease agreement with CIM Group for 161,000 square feet of soundstages and office space at The Lot Studios at Formosa, an entertainment production hub in West Hollywood located just a quarter mile away from the subject property. The subject property is situated along a major transportation corridor, La Brea Avenue, with stops at the Hollywood/Vine Station, the Hawthorne/Lennox Station, West Hollywood, Downtown LA, and the Avalon Station at Melrose Avenue and Main Street.

Built in 1948, this property contains a great unit mix of four (4) one bedroom / one bathroom units and two (2) two bedroom / one bathroom units. This rare corner lot property is gated, secure, and features lush landscaping. There is potential to convert the five (5) garage parking spaces into two (2) ADU units. Offering will be delivered with one (1) vacant unit. Tenants will enjoy this incredible location in Los Angeles, right on the border of West Hollywood. Right across the street is a brand new Sprouts Farmers Marketplace. For entertainment, tenants can find some of the trendiest boutique retail and galleries just a few blocks away, along Melrose Avenue. Outdoor recreation is available less than half a mile away, just a short walk down the corridor on Willoughby Avenue to Poinsettia Recreation Center and tennis courts.

Situated in a prime West Hollywood adjacent location, this offering presents an excellent opportunity for any investor to add value and capitalize on over 50% rental upside potential in one of the rarest core Los Angeles markets.

Contact Agent

Jason Tuvia / Nick Mejerski

818.212.2735

(818) 448-4415

CalBRE #01772495

Unit Mix

Four (4) One Bedroom / One Bathroom Units & Two (2) Two Bedroom / One Bathroom Units

Property Details

Property Type

Multifamily

Submarket

West Hollywood Adjacent (LA Zoning)

Price

$1,750,000

Price per Unit

$291,667

Price per SF

$420.57

Status

For Sale

Size

4,161 SF

Total Units

6

Year Built

1948

Property Location

7118 Willoughby Ave, Los Angeles, CA 90046, USA