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RYAN STEELE

ryan.steele@lptrealty.com +1(818) 900-1859

$ 3,250,000

Est. payment | -/mo

12 Beds

12 Baths

7,442 SqFt

Save

$ 3,250,000

Est. payment | -/mo

Save

12 Beds

12 Baths

7,442 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 7,442 sqft

Price per Sqft $436

MLS Listing ID 26873295

Style Contemporary

Bedrooms 12

Year Built 1961

Lot Size 5,624 Sqft

Acres 0.1291

Property Sub-Type Multi-Family

Property Description

613 Westbourne Drive presents a rare opportunity to acquire an eight-unit multifamily property in the heart of prime West Hollywood, one of Los Angeles' most desirable and supply-constrained rental markets. Ideally situated just north of Melrose Avenue, the property places residents' moments from the exceptional collection of restaurants, cafes, boutiques, design showrooms and luxury retailers that have established this stretch of Melrose as one of the city's most vibrant and high-end retail corridors. The property is also just moments from the Pacific Design Center and Cedars-Sinai Medical Center, providing convenient access to two of the area's most prominent employment and institutional anchors. Encompassing approximately 7,442 square feet, the property features an attractive and highly rentable unit mix consisting of four one-bedroom/one-bath residences and four two-bedroom/two-bath residences. The larger two-bedroom floor plans comprise half of the building's unit mix, providing investors with meaningful exposure to a particularly desirable segment of the West Hollywood rental market. The investment is distinguished by a compelling combination of strong in-place income and substantial future rental upside. Current gross rental income is approximately $197,367 annually, compared with projected gross rental income of approximately $288,000, representing approximately 30% upside in rents as existing leases transition toward market levels. This embedded upside provides a new owner with the opportunity to enhance income and long-term asset value while benefiting from an established income stream from day one. Beyond the underlying economics, 613 Westbourne benefits from an exceptional location at the convergence of West Hollywood, Beverly Grove and the greater Beverly Hills area. This highly desirable pocket consistently commands some of the strongest renter demand and highest residential rental rates on a per-square-foot basis in the greater Los Angeles market, supported by limited housing supply, exceptional walkability and immediate access to major employment, dining, shopping and entertainment destinations. With its desirable unit mix, irreplaceable West Hollywood location, approximately 30% rental upside and strong long-term rental fundamentals, 613 Westbourne Drive represents a compelling value-add multifamily investment in one of Los Angeles' most sought-after neighborhoods.

Location

State CA

County Los Angeles

Area West Hollywood Vicinity

Zoning WDR2*

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Wall Unit(s), Wall/Window, Ceiling Fan

Flooring Mixed

Equipment Dishwasher, Dryer, Freezer, Washer, Range/Oven, Refrigerator

Laundry Community, Room

Exterior

Parking Features Community Garage, Covered Parking, Assigned

Garage Spaces 8.0

Pool None

Roof Type Flat

Building

Story 2

Architectural Style Contemporary

Level or Stories Multi/Split

Others

Special Listing Condition Standard

Pets Allowed Call

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The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.

Listed by Sotheby's International Realty

Schools and Properties Nearby

613 Westbourne Dr West Hollywood, CA 90069