Excellent Value-Add Opportunity: With a total of 101 units built in 1928, Guardian Arms Apartments provides a compelling opportunity for an investor to acquire an asset with significant value-add potential that's located along Los Angeles' premiere thoroughfare, Hollywood Boulevard.
Premier Hollywood Boulevard Location: The Property is located on iconic Hollywood Boulevard, nestled between Hollywood and Los Feliz, home to many of Los Angeles' top dining, nightlife, and entertainment venues. Within a short walk (boasting a Walk Score of 90) or drive, tenants can access the best that Hollywood and Los Feliz have to offer. Additionally, the Property is three blocks from the Hollywood/Western Metro Station, providing car-free access to virtually the entire Los Angeles Metro.
Additional Development Opportunity: There is an opportunity to develop the 21,013-square foot west parcel (5221 Hollywood Boulevard). Currently there are 11 units and 39 parking spaces on the lot that accommodate resident parking. As the land is currently zoned C2-1 D/R3-1, a developer can build up to 46 multifamily units on the site with the qualified TOC Tier 3 bonus.
Sustained Demand for Rental Housing: The Hollywood/Los Feliz market has seen approximately eight million square feet of commercial development since 2010, adding to the market thousands of high-paying jobs. As new employers continue to attract residents to the area, rent growth and occupancy are expected to remain strong. AxioMetrics expects occupancy in the submarket to remain above 95% through 2023, while rent growth has been positive every year since 2011 and is expected to remain positive.