Homes for sale - 6300 Waring AVE, Los Angeles, CA 90038

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HomeSmart PVA

info@homesmartpva.com +1(209) 544-2500

$ 1,695,000

Est. payment | -/mo

8 Beds

6 Baths

4,550 SqFt

Save

$ 1,695,000

Est. payment | -/mo

Save

8 Beds

6 Baths

4,550 SqFt

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 4,550 sqft

Price per Sqft $372

MLS Listing ID 25528303

Bedrooms 8

HOA Y/N No

Year Built 1950

Lot Size 7,483 Sqft

Property Description

Introducing an exceptional investment opportunity in the heart of Hollywood! This well maintained corner 6-unit building is perfectly positioned in a prime location, between Santa Monica Blvd and Melrose Ave, close to Paramount Studios. This property offers the ultimate in urban convenience, providing easy access to the city's vibrant lifestyle and amenities.The building boasts a diverse mix of units, featuring 4 one-bedroom and 2 two-bedroom apartments, complemented by 5 dedicated parking spaces and an in-house laundry facility. Several units have already been tastefully updated, ensuring a modern living experience for tenants. The attractive Gross Rent Multiplier (GRM) and cap rate make this property an ideal candidate for a 1031 exchange. Enjoy the benefits of consistent rental income and potential appreciation over the years. Alternatively, the lot presents outstanding development potential, offering a canvas for visionary projects. Strategically located within the Hollywood Community Plan and designated as a Transit Oriented Community Tier 2, this property is within half a mile of a major transit stop. This prime positioning allows for additional square footage in new developments, with a Floor Area Ratio (FAR) of 3:1. The current building entrance on Waring offers a potential total square footage of 9,152 sqft, while relocating the entrance to Hudson could expand this to an impressive 13,038 sqft. With an assumed exit price of $900 per sqft for condo living space, the potential exit value could reach $11,735,000. This estimate does not account for further additional square footage opportunities afforded by TOC Tier 2 and Transit Corridor eligibility, presenting even greater potential for savvy investors. Please note that this information is based on research from Zimas.lacity.org, city offices, and conversations with city employees, and is provided as an opinion only with no implied guarantee of accuracy. Interested parties are encouraged to conduct their own research with trusted professionals. For those interested in exploring this opportunity further, detailed information is available upon request. Please be advised that interior access is granted with an accepted offer only, and we kindly ask that you do not disturb the tenants. Thank you for your understanding and cooperation. Buyer to co-operate with Sellers' 1031 exchange at no cost to Buyer.

Location

State CA

County Los Angeles

Area C20 - Hollywood

Zoning LAR3

Interior

Interior Features Ceiling Fan(s)

Heating Wall Furnace

Cooling None

Fireplace No

Appliance Dryer, Washer

Exterior

Parking Features Detached Carport

Carport Spaces 4

View Y/N No

View None

Attached Garage No

Total Parking Spaces 5

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5533036001

Special Listing Condition Standard

Listed by Clemens Mandell • Coldwell Banker Realty

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(209) 544-2500

info@homesmartpva.com

6300 Waring AVE Los Angeles, CA 90038