553 North Flores Street
$2,695,000
10
9
7,087
7,087
$380
Description
The property at 553 Flores Ave offers an excellent unit mix, including one 1+1, one 2+2, one 3+3, two 3+2 units, and RTI plans for a 2+2 ADU, attracting a wide range of tenants from young professionals to families. Situated in the heart of West Hollywood, it serves as a gateway to Los Angeles' cultural epicenter, near iconic landmarks like The Grove, Farmers Market, and Melrose Avenue, ensuring high tenant demand and premium rental rates. Nearby restaurants such as Catch LA, Sushi Gina Onodera, and...The property at 553 Flores Ave offers an excellent unit mix, including one 1+1, one 2+2, one 3+3, two 3+2 units, and RTI plans for a 2+2 ADU, attracting a wide range of tenants from young professionals to families. Situated in the heart of West Hollywood, it serves as a gateway to Los Angeles' cultural epicenter, near iconic landmarks like The Grove, Farmers Market, and Melrose Avenue, ensuring high tenant demand and premium rental rates. Nearby restaurants such as Catch LA, Sushi Gina Onodera, and Urth Caffe, with the "Golden Triangle" in Beverly Hills just a short drive away, add to its appeal. The property offers modern conveniences, fostering a sense of community and reducing reliance on transportation, leading to higher tenant retention and increased desirability. This stabilized asset presents an attractive acquisition in a supply-constrained market, offering a 5.12% CAP rate, with three of the five units extensively renovated and achieving market rents. The seller has secured approved plans for an ADU, enhancing rental income potential. West Hollywood's affluent demographic, with an average household income of nearly $131K within a mile, contributes to a favorable investment climate and sustained demand for quality rentals. Overall, 553 Flores Ave represents a compelling investment opportunity with strong fundamentals, a prime location, exceptional walkability, and promising growth prospects, making it a lucrative option for discerning investors in the dynamic Los Angeles real estate market.
- Listed by Saadia 'Sam' Liberow • DRE #01933858 • Brokerage DRE #01240999 • Marcus & Millichap
Property Details for 553 North Flores Street
Zoning
WDR3C*
Parcel Number5528014042
Total Units6.0
Living Area7087
Source Living AreaOther
AreaWest Hollywood Vicinity (C10)
Vacancy Rate6661
Lot Size Area5760
LISTING UPDATED: 07/12/2024 10:30 AM
Property Details for 553 North Flores Street
Status | Active |
---|---|
MLS # | 24-395707 |
Days on Market | 118 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1963 |
Lot Size | 0.13 AC / 5,760 SF |
County | Los Angeles County |
Building Information for 553 North Flores Street
Stories2Residences-Year Built1963Building Size-Lot Size0.13 AC / 5,760 SF
Property Information for 553 North Flores Street
Property History for 553 North Flores Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 553 North Flores Street
Taxable ValueLand$759,492Additions$1,139,238Total$1,898,730
Tax Record2023$24,023 ($2,002 / month)
Home Facts
Total Finished SqFt6,320 SqFtAbove Grade Finished SqFt6,320 SqFtLot Size5,758 SqFtStyleMulti-Family Res (5+ Units)Year Built1963ZoningWDR3C*CountyLOS ANGELESAPN5528-014-042
Schools near 553 North Flores Street
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Hubert Howe Bancroft Middle School Public6 to 8 | ||
Fairfax Senior High School Public9 to 12 | ||
Whitman Continuation School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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