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Stanley Ave. Asset Provides Owner with Rare Value-Add W. Hollywood Address
An eight-unit apartment property located at 1041 North Stanley Ave. in West Hollywood, recently sold for $2.9 million. The buyer was a Los Angeles-based private investor. The property closed at a 3.5 percent cap rate.
Built in 1957, the two-story property includes five two-bedroom/two-bathroom units and three one-bedroom/one-bathroom unit and eight parking spaces.
Stepp Commercial principal Kimberly R. Stepp and Len Kay represented the seller, Sofer Trust.
“This asset provided the new ownership with a rare value-add property in West Hollywood, one of the most desirable submarkets of Los Angeles,” said Stepp. “The units are ripe for luxury renovations and once updated, can provide more than 60 percent upside potential in rents.”
1041 North Stanley Ave. is located a half a block south of Santa Monica Boulevard and five blocks east of Fairfax. West Hollywood includes a vast culinary landscape, Sunset Strip nightlife, designer flagships lining the Design District, celebrity hot spots, fitness centers and spas.
- ◦Sale/Acquisition
