Art-Deco Courtyard in Hancock Park - 10 Units
Multifamily | 4.60% CAP | 10 Units
Marketing description
332-336 North Sycamore Avenue, a 10-Unit Art Deco designed multifamily Courtyard, built in 1937, is located on Hancock Park's most sought-after street – Sycamore Avenue. The unit composition includes Eight (8) Townhomes and Two (2) Penthouses encompassing a total of 15,460 SF of improvements. The offering is situated on two separate parcels with a combined 15,628 SF of land. The buildings face each other creating a tranquil courtyard atmosphere.
This property is in the Sycamore Avenue-Citrus Avenue North Multi-Family Residential Historic District and is listed in the Los Angeles Historic Resources Inventory. Built in 1937 by Los Angeles-based builder J.W. Pixley, this project was designed by noted architect Rapahael A. Nicolais.
This iconic courtyard property features four structures (two apartment structures and two carport structures in the rear). It is situated on two separate parcels totalling 15,628 square feet on arguably the best street in the Hancock Park within the heart of LA culture. The apartment homes feature a near classic 1930s design with eight (8) units consisting of two-bedroom one and one half-bath townhomes and two (2) extremely large penthouses. The offering has the potential to be stewarded into a world-class asset that any astute investor would be proud to tuck into their portfolio. The offering provides an opportunity for outstanding long term income growth and unparalleled capital preservation.
Investment highlights
- THE OPPORTUNITY: 332-336 North Sycamore Avenue is a 10-unit multifamily investment opportunity located on the finest street in Hancock Park. This premier street and neighborhood are known to many as a "destination location" – meaning property rarely trades on Sycamore Avenue. The area is known for very strong rents, low-density and extremely low vacancy rates. As a frame of reference, the average home value in the 90036 zip-code exceeds $2,017,000.
- ICONIC COURTYARD ARCHITECTURE: This property, artfully designed by Raphael Nicolais, is an inspiring courtyard apartment community has the potential to be preserved and carefully enhanced.
- APARTMENT HOMES: Ten over-sized apartment homes averaging approx. 1,550 SF each, with eight (8) comprised as 2-bedroom apartment homes in a two-story townhouse format and two (2) in a penthouse design. There are a total of four (4) structures: two apartment buildings and two carports.
- All units feature direct central courtyard access and come replete with authentic and original oak hardwood flooring which complements a synergy of 1930's elegance and glamor.
- HISTORICAL DESIGNATION / MILLS ACT: Current ownership is awaiting a historical designation status from the Historical Landmarks and Records Commission (HLRC) advisory body. This would establish the property as a local historical landmark and would provide ownership with substantial and immediate property tax benefits via the Mills Act.
- OUTSTANDING LOCATION: Sycamore Avenue, located in Hancock Park is considered the area's finest street. An outstanding array of services is provided within easy access to La Brea Avenue just 1 block west and Melrose Avenue directly to the north. The offering has a Walk Score of 89 out of 100 and is deemed "Very Walkable". This affluent neighborhood is considered an extremely stable area known for strong and stable rents and low vacancy rates.
- PARKING SPACES (12): Parking is provided for a total of 12 vehicles - offered with 10 carports and 2 open air parking spaces.
- ACCESS TO SERVICES: Residents benefit from outstanding access to retail, entertainment, and cultural venues within the immediate area as the subject property is within 6.6 miles of DTLA, 1.3 miles into Hollywood proper and just 3.1 miles west into Beverly Hills.
- LACK OF HOUSING AFFORDABILITY: There is a significant affordability gap to homeownership as the median home price in the 90036 zip-code is approximately $2,017,000 with a typical monthly mortgage payment being 3 times more than the average rents in the area.
- STRONG EMPLOYMENT: The area is a part of the Los Angeles MSA, which trails only the New York MSA in terms of its employment pool size. The immediate area is home to nearly 14,300 businesses and over 103,000 employees. Area employment is by far the largest sector in the Wilshire Center area, comprising over 52 percent of all positions. Among service providers, professional services account for the majority, with roughly 10,000 workers employed in these fields, many catering to the needs of the entertainment industry. Finance, insurance, and real estate make up another dominant sector in area employing nearly 7,800 people. The retail service trade employs approximately 6,200 workers, accounting for nearly 14 percent of the work force. The majority of the local adult working population (54 percent) is employed in white collar occupations which will support continued demand for rentals.
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