Hollywood Media District Deal Offers 30% in Upside

A local investor has acquired an eight-unit apartment building in the Hollywood Media District from a private trust. The property has been fully renovated by the previous owner—including laminate wood flooring, stone countertops, custom cabinetry and stainless steel appliances—and comes with significant rental upside of 30%.

The property traded hands for $2.4 million, or $295,625 per unit. The sales price represents a 4.1% cap rate.

SVP Mark Ventre of Stepp Commercial represented the seller in the deal.