SOLD: 20-unit apartment building in Hollywood, CA
Calabasas, CA (06/01/2013) – Hirsch Sherman and Jared Levine of KW Commercial have sold a 20 unit apartment building located at 6146 Eleanor Ave in Hollywood CA for $1,575,000.
In an off market transaction, Hirsch Sherman and Jared Levine, were able to secure a qualified local investor with the foresight to see the opportunity within this tired and neglected 1920's building. On in place income the property traded for $78,250 a unit, $153 cost per SF, 9.02 GRM, and 5.71% Cap. The property is located within the highly desirable Hollywood rental market, just south of Santa Monica, North of Melrose, and just to the East of Vine.
In the last year, Hirsch Sherman and Jared Levine, have sold more than $32 million dollars of apartment/condo projects throughout Los Angeles and Ventura County making them one of KW Commercial's top producing commercial teams.