553 North Flores Street

West Hollywood, CA 90048

$2,695,000
Price
10
Beds
9
Baths
7,087 Sq. Ft.
$380 / Sq. Ft.
7,087
Sq. Ft.
$380
per Sq. Ft.

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.
  1. Listed by Saadia 'Sam' Liberow • DRE #01933858 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 553 North Flores Street

Zoning
WDR3C*
Parcel Number
5528014042
Total Units
6.0
Living Area
7087
Source Living Area
Other
Area
West Hollywood Vicinity (C10)
Vacancy Rate
6661
Lot Size Area
5760
LISTING UPDATED: 07/12/2024 10:30 AM

Property Details for 553 North Flores Street

StatusActive
MLS #24-395707
Days on Market118
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1963
Lot Size0.13 AC / 5,760 SF
CountyLos 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

Community / Development
Community / Development
  • Number Of Units: 6
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Standard
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $215,812
  • Net Operating Income: $144,339.00
  • Gross Income: $215,362
  • Cap Rate: 5.36%
  • Gross Rent Multiplier: $12.14
  • Actual Annual Gross Rent: $222,022.00
  • Vacancy Allow Dollar: $6,661.00
  • Vacancy Allow Percent: 3.00%
  • Total Annual Expense: 71473
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1322
  • Lot Size Square Feet: 5760
Parking Details
Parking Details
  • Parking Garage: None
  • Total Parking: 10
  • Parking Features: None
Interior Features
Interior Features
  • Levels: Two
  • Cooling: None
  • Cooling Type: None
  • Heating: None
  • Heating Type: None
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 05-24-2024
Unit Details
Unit 1 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $4,350.00
  • Unit Actual Rent: $4,350.00
  • Unit Projected Rent: $4,500.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $956.00
  • Unit Actual Rent: $956.00
  • Unit Projected Rent: $3,500.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 3
  • Unit Baths: 3
  • Unit Furnished: No
  • Unit Rent: $4,500.00
  • Unit Actual Rent: $4,500.00
  • Unit Projected Rent: $4,500.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,546.00
  • Unit Actual Rent: $1,546.00
  • Unit Projected Rent: $2,500.00
  • Like Units: 1
Unit 5 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,650.00
  • Unit Actual Rent: $3,560.00
  • Unit Projected Rent: $4,500.00
  • Like Units: 1
Unit 6 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,500.00
  • Unit Actual Rent: $3,500.00
  • Unit Projected Rent: $3,500.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110, 2111
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,116,900.00
  • Assessed Improvement Percent: 60.0
  • Assessed Land Value: $744,600.00
  • Assessed Land Percent: 40
  • Assessed Total Value: $1,861,500.00

Property History for 553 North Flores Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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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553 North Flores Street is a multi-family home for sale in West Hollywood, CA 90048. This property was listed for sale on May 24, 2024 by Marcus & Millichap, it's currently listed at $2,695,000. It has been on the market for a total of 118 days and was last sold on July 30, 2021. This listing's school district is Los Angeles Unified School District. Nearby schools include Rosewood Avenue Elementary School, School for Advanced Studies, Hubert Howe Bancroft Middle School and Fairfax Senior High School. 553 North Flores Street is a 10-bed, 9-bath, 7,087 sqft multi-family home built in 1963.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Saadia 'Sam' Liberow, DRE #01933858

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.