$2,450,000
$2,400,000
2.1%For more information regarding the value of a property, please contact us for a free consultation.
620 N Serrano AVE Hollywood, CA 90004
5,662 Sqft Lot
Key Details
Sold Price $2,450,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID BB18141692
Sold Date 08/29/18
Construction Status Turnkey,Under Construction
HOA Y/N No
Year Built 2018
Lot Size 5,662 Sqft
Acres 0.13
Property Description
620 N Serrano is a luxurious new construction fourplex that is made up of two standalone 3-story duplexes in a prime Hollywood location. This centrally located property is minutes from Paramount Studios, Raleigh Studios, trendy Larchmont Village, upscale Hancock Park, Koreatown, and of course all the action Hollywood has to offer.
620 N Serrano is in the final stages of construction, with completion estimated to be June 2018. This property provides investors an unbelievably high projected cap rate of 5.64%. In addition to the high return, buyers will enjoy other notable perks including: NO RENT CONTROL, a 1 year builder’s warranty, brand new EVERYTHING, little to no maintenance, separate meters for gas, water & electric, and extreme desirability amongst renters. Between the fantastic location and the countless benefits of buying high quality new construction, purchasing this property is a no-brainer.
The property is made up of two 3 bedroom, 3 bathroom units with pro forma rents of $3,900 & $3,900, and two 3 bedroom, 2.5 bathroom units with pro forma rents of $3,550 & $3,550. These are very conservative market rents with potential to obtain even higher. There are 4 covered parking spaces and 4 partially covered parking spaces that are accessed from the back alley. Additionally, there is an area in the front of the property with room for additional parking.
Location
State CA
County Los Angeles
Area C20 - Hollywood
Zoning LAR3
Rooms
Ensuite Laundry Washer Hookup, Gas Dryer Hookup, Inside
Interior
Interior Features Balcony, Open Floorplan
Laundry Location Washer Hookup,Gas Dryer Hookup,Inside
Heating Central
Cooling Central Air
Flooring Laminate
Fireplaces Type None
Fireplace No
Appliance Dishwasher, Freezer, Disposal, Gas Oven, Gas Range, Microwave, Refrigerator
Laundry Washer Hookup, Gas Dryer Hookup, Inside
Exterior
Garage Spaces 4.0
Carport Spaces 4
Garage Description 4.0
Fence Excellent Condition
Pool None
Community Features Curbs, Sidewalks
View Y/N Yes
View City Lights, Neighborhood
Roof Type Flat
Total Parking Spaces 8
Private Pool No
Building
Lot Description Landscaped, Near Public Transit
Story 3
Entry Level Three Or More
Sewer Public Sewer
Water Public
Architectural Style Modern
Level or Stories Three Or More
New Construction Yes
Construction Status Turnkey,Under Construction
Others
Senior Community No
Tax ID 5521004010
Acceptable Financing Submit
Listing Terms Submit
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Sara Berger • Westside Estate Agency Inc.