$1,550,000

5824 Virginia Avenue is an eight-unit apartment building in the heart of Hollywood, offered as a 100% fee simple interest on a free and clear basis. Built in 1962, the two-story building sits on a 7,499-square-foot lot with approximately 6,504 square feet of gross building area. The property offers five one-bedroom, one-bath units, one two-bedroom, one-bath unit and two two-bedroom, two-bath units, averaging roughly 778 square feet, a practical mix with broad appeal to young professionals, couples, roommates and creatives working in the surrounding entertainment industry. The building is set behind a secure perimeter gate, with gated rear parking, covered carport spaces and an on-site laundry facility, all valued amenities in a dense neighborhood where street parking is limited. A landscaped side walkway leads to the units. Current ownership has made significant capital improvements that address the costly building-level items buyers of older Los Angeles properties often face. The mandatory soft-story seismic retrofit has been completed, the roof has been replaced and all unit electrical subpanels have been upgraded. That allows a new owner to focus capital on interior upgrades and income growth rather than deferred maintenance or major structural work. The building is 100% occupied, providing stable, durable income from day one, and it offers the deepest embedded rental upside in the portfolio. In-place rents are approximately 29% below market, and every unit is currently leased below its market rent, giving a new owner a long runway to grow income over time. Several long-term tenancies are leased far below today's market levels, so each turnover represents a meaningful opportunity to renovate and re-lease at market. As units turn over, a buyer can introduce modern finishes such as updated kitchens with stainless steel appliances and stone-look countertops, wood-look plank flooring, refreshed bathrooms and improved lighting. Utility reimbursement income helps offset operating costs. The property is subject to the Los Angeles Rent Stabilization Ordinance, under which rents on vacated units can generally be reset to market at turnover. 5824 Virginia Avenue is located on a residential block one block north of Santa Monica Boulevard near Bronson Avenue. Residents are minutes from Sunset Boulevard, Hollywood Boulevard, major production studios, Metro rail and the Hollywood Freeway, giving easy access to employment centers across Los Angeles. Hollywood, renowne