The Brody Group of Marcus & Millichap, as the exclusive listing agent, is pleased to sold the opportunity to acquire 1307 Tamarind Avenue (“The Property”), a 7-unit multifamily asset located in the Heart of Hollywood.
Sold at $1,900,000, this asset was 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 was completed in 2021 by Seller.
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.
- Exceptional Value-Add and/or Redevelopment Opportunity in Prime Hollywood Location
- New Roof in 2015
- 4 Units Delivered Vacant at Close
- 84 Walk Score
- Walking Distance to Hollywood & Vine Metro Stop
- Surrounded by Luxury New Condo and Multi-Family Development
- Copper Plumbing
- 5.9% cap and 11.3 GRM with vacant units rented at market rents
- Prime Repositioning Opportunity
- High Value Location Walking Distance to Netflix
- Seismic Retrofit Completed in 2021