Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Bedrooms

8

Building size

7,442 sqft

Lot size

5,624 sqft

Year built

1961

Stories

2

Garage spaces

8

Style

Contemporary

Heating

Wall Furnace

Cooling

Wall/Window Unit(s)

Pool

None

Status

Active

Days on market

0

MLS #

248767993

About this property

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

613 Westbourne Drive

West Hollywood, Los Angeles, CA, 90069