Property Detail

Description

Acquire a well-positioned 20-unit apartment building in the heart of Hollywood, a globally recognized epicenter of entertainment, creativity, and culture. Located at 1627 N. Poinsettia Place in the coveted Hollywood Hills West / Poinsettia Heights neighborhood, this 1965-built, wood-frame asset offers an exceptional combination of location prestige, walkability, employment density, and immediate rent-growth opportunity. The building features thoughtfully renovated kitchens and bathrooms with upgraded elevator, cabinetry, stainless steel appliances, modern fixtures, and new flooring across a diverse unit mix 14 one-bedroom, three studio, and three two-bedroom residences spanning approximately 14,817 SF on an 8,436 SF lot with 24 subterranean parking spaces. A Walker's Paradise with a Walk Score of 95 daily errands require no car as the property sits just a 10-minute walk from the Metro B Line (Red) at Hollywood/Highland Station, providing direct access to Downtown LA, Koreatown, and the Westside. The neighborhood is anchored by major employers including Netflix (1.4M SF+ commitment), Paramount Pictures, NBC Universal, and Warner Bros., driving robust tenant demand from entertainment professionals, young executives, and affluent renters seeking proximity to studios, Sunset Strip, West Hollywood, and Beverly Hills. Current rents average $2.68/SF against a market potential of $3.28/SF a 22% spread representing upside in untapped monthly NOI. The property trades at a current 5.23% cap rate making this a compelling value-add opportunity in one of Los Angeles' most resilient and high-demand multifamily submarkets with long-term appreciation tailwinds and consistent entertainment-industry-driven tenant interest.