1037 Hyperion Ave - Apartments FOR SALE


Los Angeles, CA 90029- Silver Lake
$14,600,000 USD
310-706-4400
1037 Hyperion Ave, Los Angeles, CA for Sale
$14,600,000 USD
Apartments - FOR SALE
1/6
null | 6.73% Cap Rate

1037 Hyperion Ave
Los Angeles, CA 90029
Silver Lake


HIGHLIGHTS

  • Sienna on Sanborn offers investors a proven interior renovation scope to emulate and capture 13%+ in remaining rental income upside.
  • Notable capital improvements include upgraded electrical systems and replacing all of the windows throughout the community.
  • Silver Lake is a high demand rental market. 90% of the population are renters and 44% are between the ages of 20 and 44.
  • The Property offers residents a true live, work, play environment just steps from Virgil Village and Sunset Junction
  • The Property recently achieved $1,395 on a renovated bachelor, $1,995 on a renovated studio and $2,190 on a renovated 1-bedroom.
  • The Property consists of 4 separately parceled contiguous buildings which provides disposition optionality

OVERVIEW

OFFERED CONCURRENTLY WITH HAYDEN ON HOLLYWOOD (HOLLYWOOD) & GRACIE ON GRAMERCY (HOLLYWOOD). OPPORTUNITY TO PURCHASE INDIVIDUALLY OR TOGETHER. Institutional Property Advisors (“IPA”), as the exclusive listing agent, is pleased to present the opportunity to acquire Sienna on Sanborn (the “Property”), a four-building, 67-unit multifamily community located in the Silver Lake submarket of Los Angeles. Originally constructed in 1928, current ownership has spent $2.7M ($40K+ per unit) on capital expenditures to completely transform the community. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward. 52 of the 67 unit interiors (78%) have been extensively renovated, including new cabinetry, new stainless steel appliances, plank vinyl flooring, quartz countertops, backsplash, new dual-pane windows, recessed LED lighting fixtures, and upgraded plumbing fixtures. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 15 units (22%) and capture 13%+ upside in rental income.

FOR SALE DETAILS

PRICE

$14,600,000 USD

PRICE/SF

$358 USD /SF

# OF UNITS

67

PRICE/UNIT

$217,910

CAP RATE

6.73%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Sienna on Sanborn

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1928

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.6 AC

LAND SF

26,136 SF

ZONING

R3-1VL

APN/PARCEL ID

5427-007-009,5427-007-023,5427-007-024,5427-007-025

ASK ABOUT THIS PROPERTY

Kevin GreenMarcus & MillichapMore Info
310-706-4400

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Kevin GreenMarcus & MillichapMore Info
310-706-4400

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.