The Brody Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 1307 Tamarind Avenue (“The Property”), a 7-unit multifamily asset located in the Heart of Hollywood.
Priced at $1,950,000, this asset is offered with 4 units vacant ready to be remodeled and re-rented at market rents.
With those vacant units rented at market rents, 1307 Tamarind offers an investor a 5.9% cap and a 11.5 GRM.
1307 Tamarind is ideally located just steps from the World-Famous Sunset Boulevard, walking distance to an array of shops and restaurants, as well as the world’s most iconic travel and sightseeing destinations.
Built in 1965, this 7-unit multi-family property is located in an Opportunity Zone, providing a developer the opportunity to maximize density on this 6,503 square foot R4 zoned lot.
The property features a newer roof, copper plumbing and the opportunity to turn nearly half of the units immediately upon purchase.
The required seismic retrofit is currently being done and will be delivered completed at close.
1307 Tamarind offers a savvy investor the opportunity to renovate and re-rent units and growth rent by leveraging access to Sunset Boulevard, offering a lower-cost alternative to surrounding new construction
Boasting an 84 walk score, 1307 Tamarind will outperform the overall rental market as Real Capital Analytics’ research confirms that apartment buildings with walkable amenities post the highest rent growth averages year over year.