6708 Willoughby Avenue

Los Angeles, CA 90038

$3,999,999
Price
10
Beds
9
Baths
8,784 Sq. Ft.
$455 / Sq. Ft.
8,784
Sq. Ft.
$455
per Sq. Ft.

Description

Amazing Income Property Offering - Beautifully Renovated 9 unit - 5.4% In-Place Cap in Prime Hancock Park! Walk to Pizzeria Mozza and Tesla's new diner & drive-in theatre on Santa Monica Boulevard. We are very pleased to exclusively offer for sale The Siegel, a beautifully curated collection of 9 apartment units perfectly located in the Heart of Hollywood's media district. Steps from Larchmont Village and storied Hancock Park, as well as shops and restaurants on Melrose Avenue, 6708 Willoughby Avenue...Amazing Income Property Offering - Beautifully Renovated 9 unit - 5.4% In-Place Cap in Prime Hancock Park! Walk to Pizzeria Mozza and Tesla's new diner & drive-in theatre on Santa Monica Boulevard. We are very pleased to exclusively offer for sale The Siegel, a beautifully curated collection of 9 apartment units perfectly located in the Heart of Hollywood's media district. Steps from Larchmont Village and storied Hancock Park, as well as shops and restaurants on Melrose Avenue, 6708 Willoughby Avenue is a beautifully remodeled nine unit apartment community offering an investor an extremely strong income producing asset in one of the desirable rental markets across Los Angeles. Property features updated plumbing and electrical, new windows, freshly painted, new electrical panels, washer/dryer hookups in all units. The main panel has been upgraded to 400 amps with completely new wiring, including 10 new meters (9 units plus 1 house) have been installed. Units feature high-end finishes including new appliances, high end countertops, recessed lighting, and so much more. Offered at a 5.4% cap rate and a 13 GRM, 6708 Willoughby is an excellent income producing 9 unit apartment building in an extremely hot rental market surrounded by high end homes and primed to continue to appreciate and grow in rental income over time. The Siegel offers a 6.4% cap rate at market rents for all units, with additional rent growth in the future! Don't miss this stable income producing asset that holds significant income upside as rents grow.
  1. Listed by Dana Brody • DRE #01429001 • Brokerage DRE #01429001 • Dana Brody

Property Details for 6708 Willoughby Avenue

Zoning
LARD1.5
Style
Contemporary Mediterranean
Cross Streets
Willoughby & Las Palmas
Parcel Number
5524005001
Total Units
9.0
Living Area
8784
Source Living Area
Vendor Enhanced
Area
Hollywood (C20)

Location

Listing Courtesy of Dana Brody, Dana Brody, DRE #01429001
Add your commute
LISTING UPDATED: 04/12/2024 08:36 AM

Property Details for 6708 Willoughby Avenue

StatusActive
MLS #23-339499
Days on Market139
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1924
Lot Size0.17 AC / 7,252 SF
CountyLos Angeles County

Location

Listing Courtesy of Dana Brody, Dana Brody, DRE #01429001
Add your commute

Building Information for 6708 Willoughby Avenue

Stories2Residences-Year Built1924Building Size-Lot Size0.17 AC / 7,252 SF

Payment Calculator

$24,139 per month

30 year fixed, 7.25% Interest

Principal and Interest

$21,830

Property Taxes

$2,309

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 6708 Willoughby Avenue

Community / Development
Community / Development
  • Number Of Units: 9
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 2
  • Type Of Units: Multi-Family
  • View: Yes
  • View Description: City Lights, Hills
  • View: City Lights, Hills
  • Direction Faces: North
  • Property Condition: Updated/Remodeled
  • Water Heaters: Yes
Contract Info
Contract Info
  • Financing: Cash, Cash To New Loan
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $303,792
  • Net Operating Income: $216,928.00
  • Gross Income: $303,792
  • Cap Rate: 5.40%
  • Gross Rent Multiplier: $13.00
  • Actual Annual Gross Rent: $303,792.00
  • Actual Gross Annual Income: $303,792
  • Actual Rent Total: $303,792.00
  • Vacancy Allow Dollar: $9,330.00
  • Vacancy Allow Percent: 3.00%
  • Owner Pays: Water, Gardener
  • Total Annual Expense: 77750
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1665
  • Lot Size Square Feet: 7252
Parking Details
Parking Details
  • Parking Garage: Gated
  • Total Parking: 2
  • Parking Features: Gated
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Air Conditioning
  • Heating: Combination
  • Heating Type: Combination
  • Flooring: Hardwood
  • Equipment: Freezer, Garbage Disposal, Range/Oven, Refrigerator, Microwave, Dishwasher, Stackable W/D Hookup
  • Common Walls: Attached
  • Laundry: In Unit
  • Laundry Equipment: Own
Exterior Features
Exterior Features
  • Pool: No
  • Private Pool: No
  • Pool Description: None
  • Pool Features: None
  • Spa: No
  • Spa: None
  • Tennis: No
  • Tennis Court: None
  • Sprinklers: Drip System
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 12-13-2023
  • Listing Terms: Cash, Cash To New Loan
  • Tenant Pays: Electricity, Gas
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,000.00
  • Unit Actual Rent: $2,000.00
  • Unit Projected Rent: $2,000.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,338.00
  • Unit Actual Rent: $7,016.00
  • Unit Projected Rent: $7,016.00
  • Like Units: 3
Unit 3 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $3,100.00
  • Unit Actual Rent: $6,200.00
  • Unit Projected Rent: $6,200.00
  • Like Units: 2
Unit 4 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,600.00
  • Unit Actual Rent: $7,200.00
  • Unit Projected Rent: $7,200.00
  • Like Units: 2
Unit 5 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,500.00
  • Unit Actual Rent: $3,500.00
  • Unit Projected Rent: $3,500.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Land Percent: 67.67

Property History for 6708 Willoughby Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 6708 Willoughby Avenue

Taxable ValueLand$1,494,300Additions$714,000Total$2,208,300
Tax Record2023$27,713 ($2,309 / month)
Home Facts
Total Finished SqFt6,220 SqFtAbove Grade Finished SqFt6,220 SqFtLot Size7,250 SqFtStyleMulti-Family Res (5+ Units)Year Built1924ZoningLARD1.5CountyLOS ANGELESAPN5524-005-001

Schools near 6708 Willoughby Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 6
Public - 6 to 8
Public - 9 to 12
Public - K to 5
Rating
School
Distance
Vine Street Elementary School
PublicK to 6

Hubert Howe Bancroft Middle School
Public6 to 8

Fairfax Senior High School
Public9 to 12

Melrose Elementary School
PublicK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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6708 Willoughby Avenue is a multi-family home for sale in Los Angeles, CA 90038. This property was listed for sale on December 13, 2023 by Dana Brody, it's currently listed at $3,999,999. It has been on the market for a total of 139 days and was last sold on June 24, 2022. This listing's school district is Los Angeles Unified School District. Nearby schools include Vine Street Elementary School, Hubert Howe Bancroft Middle School and Fairfax Senior High School. 6708 Willoughby Avenue is a 10-bed, 9-bath, 8,784 sqft multi-family home built in 1924.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Dana Brody, Dana Brody, DRE #01429001

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.