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823 N Gower Street

Los Angeles (City), CA 90038
  • $4,200,000
  • STATUS: Active Under Contract
  • ON SITE: 140 Days
  • ID#: 24446147
Under Contract
UPDATED: 39 min ago
$4,200,000
  • 0
    BEDS
  • 0.3
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1929
County:

School Ratings & Info

Listing Agent(s): Gabriel Rudner of Aegis Management, Inc. (310-425-9578) and Andrew Perris of Aegis Management, Inc.(310-425-9578)


Description

Aegis Management, Inc. is pleased to present a valuable investment opportunity in the heart of Hollywood; a 25-unit apartment property offered at $4,200,000 and a 5.45% going in cap rate. Located on Gower Street, just north of Melrose Avenue and near iconic landmarks like Hollywood Forever Cemetery and Paramount Pictures, this property offers significant long-term value. The building, constructed in 1929 with durable wood-frame and stucco over a raised foundation, is composed of 22 single units with one bath, two one-bedroom units with one bath, and one larger one-bedroom unit with two baths. It's built to last and several of the units have been thoughtfully renovated and updated over time. All units are separately metered for gas and electricity. The property is subject to the city of Los Angeles's Rent Stabilization Ordinance. Currently, four units are unoccupied. The property has about 30% upside in rental rates upon unit turnover, and the approximately 14 parking spaces are not currently offered to tenants, presenting both immediate and long term opportunities for income growth. The property features a landlord-owned laundry room, an operating security camera system, and various updates to essential systems like plumbing and electrical. This asset is priced to sell at a 5.45% going in cap rate and with the various income opportunities availble as well as the potential to continue upgrading units and increasing rents within regulatory limits, the new owner should benefit from reliable present cash flow as well as future opportunity. CONTACT LISTING AGENT FOR A DETAILED MARKETING PACKET.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2025-02-18T07:28:20.457. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or eXp Realty of California Inc.. Licensed in the State of California, USA.
www.hometownnorthcounty.com/homes/156065193
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823 N Gower Street Los Angeles (City), CA 90038

  • Price: $4,200,000
  • Status: Active Under Contract
  • On Site: 140 Days
  • Updated: 39 min ago
  • ID#: 24446147
0
Beds
0
Baths
0
½ Baths
0.3
Acres
1929
Built
Neighborhood:
C20 - Hollywood
County:
Los Angeles
Area:
C20 - Hollywood
Property Description
Aegis Management, Inc. is pleased to present a valuable investment opportunity in the heart of Hollywood; a 25-unit apartment property offered at $4,200,000 and a 5.45% going in cap rate. Located on Gower Street, just north of Melrose Avenue and near iconic landmarks like Hollywood Forever Cemetery and Paramount Pictures, this property offers significant long-term value. The building, constructed in 1929 with durable wood-frame and stucco over a raised foundation, is composed of 22 single units with one bath, two one-bedroom units with one bath, and one larger one-bedroom unit with two baths. It's built to last and several of the units have been thoughtfully renovated and updated over time. All units are separately metered for gas and electricity. The property is subject to the city of Los Angeles's Rent Stabilization Ordinance. Currently, four units are unoccupied. The property has about 30% upside in rental rates upon unit turnover, and the approximately 14 parking spaces are not currently offered to tenants, presenting both immediate and long term opportunities for income growth. The property features a landlord-owned laundry room, an operating security camera system, and various updates to essential systems like plumbing and electrical. This asset is priced to sell at a 5.45% going in cap rate and with the various income opportunities availble as well as the potential to continue upgrading units and increasing rents within regulatory limits, the new owner should benefit from reliable present cash flow as well as future opportunity. CONTACT LISTING AGENT FOR A DETAILED MARKETING PACKET.
Exterior Features

Construction Materials StuccoWood Siding Open Parking Spaces 14 Parking Total 14

Property Features

Association Fee 0 Cap Rate 5.45 Disclosures Rent Control Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 228919 Rent Control YN Yes Security Features Key Card EntryResident Manager Special Listing Conditions Standard Zoning LAR3



Based on information from California Regional Multiple Listing Service, Inc. as of 2025-02-18T07:28:20.457. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or eXp Realty of California Inc.. Licensed in the State of California, USA.
 
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eXp Realty of California Inc.
2603 Camino Ramon Suite 200
San Ramon CA, 94583
Listing Agent(s): Gabriel Rudner of Aegis Management, Inc. (310-425-9578) and Andrew Perris of Aegis Management, Inc.(310-425-9578)