5643 Carlton Way - Apartments FOR SALE


Los Angeles, CA 90028- Hollywood
$5,900,000 USD
310-706-4400
5643 Carlton Way, Los Angeles, CA for Sale
$5,900,000 USD
Apartments - FOR SALE
1/7
null | 5.51% Cap Rate

5643 Carlton Way
Los Angeles, CA 90028
Hollywood


HIGHLIGHTS

  • A COMPELLING TURN-KEY WITH UPSIDE - Offers investors a proven interior renovation scope to emulate and capture 29% in remaining rental income upside.
  • COMMON AREA CAPEX NEEDS ALREADY ADDRESSED
  • HIGH IMPACT IMPROVEMENTS - Notable capital improvements include seismic retrofitting in the parking garage, fully re-building rear balconies, & more.
  • STEPS FROM HOLLYWOOD BOULEVARD - Hollywood is a high demand rental market. 96% of the population are renters and 58% are between the ages of 20 and 44
  • A TRUE LIVE, WORK, PLAY LOCATION - Offers residents a true live, work, play environment just steps from Franklin Village and some of Hollywood's best.
  • STRONG RECENT LEASING - The Property recently achieved $2,399 on a renovated 1-bedroom and $2,999 on a renovated 2-bedroom.

OVERVIEW

Institutional Property Advisors (“IPA”), as the exclusive listing agent, is pleased to present the opportunity to acquire Clover on Carlton (the “Property”), a 24-unit multifamily community located in the Hollywood submarket of Los Angeles. Originally constructed in 1964, current ownership has spent $479K on capital expenditures to completely transform the property. 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. 13 of the 24 unit interiors (54%) 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, upgraded plumbing fixtures and in-unit washers and dryers. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 11 units (46%) and capture 29%+ upside in rental income. OFFERED CONCURRENTLY WITH BLU ON BURNS (28 UNITS IN SILVER LAKE). OPPORTUNITY TO PURCHASE INDIVIDUALLY OR TOGETHER.

FOR SALE DETAILS

PRICE

$5,900,000 USD

PRICE/SF

$273 USD /SF

# OF UNITS

24

PRICE/UNIT

$245,833

CAP RATE

5.51%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Clover on Carlton

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1964

PARKING SPACES

24

LAND DETAILS

LAND ACRES

0.39 AC

LAND SF

16,988 SF

ZONING

R4-2

APN/PARCEL ID

5544-026-023

ASK ABOUT THIS PROPERTY

Kevin GreenTHG Multifamily AdvisorsMore Info
310-706-4400

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Kevin GreenTHG Multifamily AdvisorsMore Info
310-706-4400

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