5718 Hollywood Blvd, Los Angeles, CA 90028

Description

Rare opportunity to acquire Hollywood View Towers, a 2005-built, LA RSO-EXEMPT 44-unit mixed-use multifamily asset on iconic Hollywood Boulevard. Spanning approximately 48,752 SF on a 23,627 SF LAR5 lot, the property features 41 well-appointed residences , four 1,455 SF three-bedroom/two-bath units, 26 spacious 1,104 SF two-bedroom/two-bath units, and 11 one-bedrooms plus 3 ground-floor retail suites that diversify the income stream. Units offer contemporary finishes, many with private balconies and views of the Hollywood Hills, while residents enjoy controlled access, elevator service, a sundeck, on-site laundry, and subterranean parking. The location is exceptionally connected: Walk Score 87 (Very Walkable), an 8-minute walk to the Hollywood/Western Metro B Line station, and a 9-minute drive to Downtown LA, with tenant demand anchored by Netflix, Paramount Pictures, Children's Hospital Los Angeles, and Kaiser Permanente in a zip code that is 83% renter-occupied. Built in 2005 and exempt from the LA Rent Stabilization Ordinance, the asset offers rent growth governed by state law rather than the city's more restrictive caps a rare and valuable attribute in a Hollywood market dominated by pre-1979 stock. Current rents average $2.65/SF against $2.95/SF at market, growing NOI from $986,363 to $1,137,276 and the cap rate from 5.64% going-in to 6.50%. At $397,727/unit and just $359/SF below the recent comp set average of $412/SF Hollywood View Towers is an outstanding opportunity to acquire modern construction, scale, and operational freedom in one of Los Angeles' most dynamic rental submarkets.