8985 Keith Ave West Hollywood, CA 90069

Property Details for 8985 Keith Ave

Year built

1930

Property size

2,288 SF

Property type

Commercial real estate

APN

4340-015-009

Description

This exceptional 4-unit apartment building, situated in West Hollywood's desirable Norma Triangle, presents a compelling value-add opportunity. The property, built in 1930, comprises two detached buildings, offering residents enhanced privacy. The unit mix includes three one-bedroom/one-bathroom units and one two-bedroom/one-bathroom unit. Select units boast tasteful renovations, featuring updated countertops, flooring, in-unit washer/dryers, and new bathroom tiles. All units have separate gas and electric meters. The property features 4 parking spaces and sits on a 5,370 sq ft lot. The building's total square footage is 2,288 sq ft, with a current NOI of $85,342 and a pro-forma NOI of $100,008, reflecting a 4.49% cap rate and a pro-forma cap rate of 5.26%. The asking price is $1,900,000, translating to $475,000 per unit and $830.42 per square foot. The property is currently 100% occupied, with the occupancy date extending to October 23, 2024. The soft-story retrofit is complete. The property's zoning (WDR2*) allows for the potential addition of accessory dwelling units (ADUs), further enhancing its investment potential. Its prime location offers proximity to numerous amenities, including restaurants, shops, entertainment venues, and parks, along with major employers like Ticketmaster and IAC/InterActiveCorp subsidiaries. This offering presents a strong investment opportunity in a thriving West Hollywood neighborhood.

Location Insight

City

West Hollywood

County

Los Angeles

State

California

Longitude

-118.3872132

Latitude

34.0842774