455 N Sycamore Avenue

Los Angeles, CA 90036

$7,200,000

List Price

21

bed Beds

16

shower Baths

14,378 sqft

straighten / sqft

1930

calendar_month Built

Property Description

Owned and meticulously cared for by the same owners for over 60 years, The Sycamore, a (16) unit apartment property just south of Melrose and adjacent to Hancock Park is one of the last great projects of architect Charles Gault. The Sycamore has many of the key features of Gault's architectural style, including a courtyard with a gorgeous fountain, a grand arched opening, a public fireplace and grilled windows. The property is named in the National Register of Historic Places, which grants it special building codes to aid in restoration and certain tax advantages through the Federal Rehabilitation Tax Credit. The property is located two blocks south of Melrose Ave, a popular dining and shopping district. (See included Area Map for more information.) The building is comprised of eight (8) one bedroom units, six (6) two bedroom units, and two (2) studio units. It was built in 1930 and has fifteen (15) parking spaces on the adjacent alley. These apartments are subject to the city of Los Angeles's Rent Stabilization Ordinance. The units are very large relative to many comparable properties in the area and several have private outdoor space for tenants. Indicative of the strong demand in the local area, the property has no vacancies, with the local Market Rents nearby substantially higher than the Subject Property. Four (4) competing rental properties from the immediate area were surveyed. (Please see within Financials, Rent Survey, and Rent Survey Map.) When one considers the property's location in the highly desirable Hancock Park adjacent area, the above average size of the units, and the popular nearby shopping and dining on Melrose Ave, a new owner should be able to implement prodigious rent growth here. Four (4) recent nearby apartment properties were selected as Recent Sales properties. They are similar in many respects, unit-mix, construction, parking, and especially year constructed. All of the Recent Sales presently have a historical designation similar to the Subject Property. (See Recent Sales and Recent Sales Map.) With an Asking Price of $7,200,000, this Offering is situated at a 15.23 GRM; at $500.77 $/SF; at a 4.22% CAP Rate and at $450,000 / Unit. These underlying fundamentals show the strong operating performance of the property and present a significant opportunity relative to the Recent Sales. (See Recent Sales and Financials.) In closing, the tremendous potential upside in rents as well as the desirable unit mix, unit size, prime location and strong operating performance available here present an opportunity for significant cash flow growth and appreciation over time for this asset.

Listing Information

List Price $7,200,000
Status Active
MLS 25497763
Type Residential Income
Year Built 1930
Lot Size 15,174
Structure Size 14,378
Courtesy Of Aegis Management, Inc.
Listing Agent Gabriel Rudner DRE#02054447
Co-Listing Agent Andrew Perris DRE#00956552

Interior Features

Laundry Information
Location(s) Common Area
Total Bedroom
Bedrooms 21
Total Bathroom
Bathrooms 16
Flooring Information
Material Tile, Vinyl, Wood
Fireplace Information
Features Living Room
Additional Information
Additional Features Crown Molding, Walk-In Closet(s)
Cooling Type
Cooling Type Central Air

Exterior Information

Other Structures
Features Open, Patio
View Yes

Maps

Listing information courtesy of: Gabriel Rudner, Andrew Perris, Aegis Management, Inc. 949-636-0365. *Based on information from the Association of REALTORS/Multiple Listing as of Feb 13th, 2025 at 12:44 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.