7056 Lanewood Avenue is a 22-unit apartment community in Hollywood (90028). The offering offers investors a unique and rare opportunity to acquire an irreplaceable asset with strong in-place metrics and meaningful rental upside in one of LA's most dynamic and stable markets. 7056 Lanewood Avenue was built in 1953 and… Read More consists of 11,452 square feet of improvements. The unit composition features an attractive mix of Ten (10) spacious 1-Bedroom Units and Twelve (12) Studio Apartments. The property is sited on a +/- 14,977 square foot parcel, zoned LAR4. The property is well-parked, with 17 parking spaces, and is not on the list of LA City mandatory seismic retrofit. Tenants and future investors will appreciate this well-maintained asset, featuring an attractive courtyard and lush landscaping. Additional amenities include a secure entry with intercom gate access, gated parking, and on-site washer/dryer. 7056 Lanewood Avenue is master-metered for gas and electrical utilities, which currently allows an annual 5% rent increase. Additionally, the Ratio Utility Billing System (RUBs Program) is already in place for all incoming residents. Lanewood Avenue is a quiet tree-lined street near Hollywood employers and attractions. With its prime location in Hollywood, 7056 Lanewood is an outstanding rental location for residents looking for immediate access to major Hollywood employers, services, and entertainment venues. The proximity to world-class neighboring venues makes this an ideal investment for apartment operators seeking a stable investment opportunity and long-term wealth preservation and appreciation. Read Less
Property listed by KW Commercial Studio City, Nick Astrupgaard 818-432-1500
Listing Snapshot
Days Online
199
Last Updated
Property Type
Other
Beds
10
Square Ft.
11,452
Lot Size
0.34 Acres
Year Built
1953
MLS Number
24391989
30 Days Snapshot Of 90028
$1,249k
+92%
(avg) sold price
4
+300%
homes sold
169
+56%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1953, Building area total: 11,452, Levels: Two, Living area: 11452, 2 stories, 1 building
Floors
Wood
Income
Gross income: $408,078, Net operating income: $252,249
Lot
0.3439 acres, 14,981 square feet, Size: 14,981
Parking
17 totals parking
Property
Zoning: LAR4
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. 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.
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