1211-1212 N New Hampshire Ave
Two-building, 28-unit apartment portfolio at 1211-1212 N New Hampshire Ave in East Hollywood, Los Angeles, offered at $4,850,000 (6.21% cap, 9.60 GRM). The price works out to $173,214 per unit and $266.18 per SF. The value-add offer includes two units delivered vacant at 1211 and rents that sit about 25% below market.
The buildings were constructed in 1955 and total 18,221 SF on 20,506 SF of LAR3-zoned land (APNs 5540-016-016 and 5540-018-017). The property is 93% occupied. The unit mix is six studios, 21 one-bedrooms and one two-bedroom, each with one bath. 1211 has 16 units and 1212 has 12, including a manager's unit. 1212 had its soft-story retrofit completed in 2019. On-site parking and laundry are available, and the parking area could be converted to multiple ADUs, though the conceptual renderings are for visualization only and the buyer must verify.
On current numbers, 1211 produces $175,477 NOI (6.27% cap) and 1212 produces $125,716 NOI (6.13% cap). On market-rent pro formas the caps are 8.63% and 9.67%. Current average rents are $1,328 for studios and $1,630 for one-bedrooms at 1211, and $1,496 for one-bedrooms at 1212. Market rents are assumed at $1,700 for studios and $2,000 for one-bedrooms. Section 8 tenants occupy five units at 1211 and four at 1212. Illustrative financing assumes a new 6.25% loan with 30-year amortization, due 2031, at 70% LTV on 1211 and 65% on 1212. Rent and income figures are unverified broker projections, so buyers should confirm them.
The site is just north of Santa Monica Blvd and west of Vermont Ave, next to Silver Lake. The Metro B Line Vermont/Santa Monica station is nearby, along with the 101 Freeway, Sunset Junction, Madison Ave Park, Los Angeles City College, Kaiser Permanente and Thai Town. East Hollywood has about 62,551 residents, with roughly 90% renters and a median household income of $56,762. About 347,728 people live within three miles. A 145-unit affordable project is underway at 511 N Hoover St and a 61-unit complex is planned at 4800 W Melrose Ave. LA's multifamily vacancy forecast is 4.7%, against 5.3% nationally. Eight recent sales comps trade at 4.83% to 6.55% caps. Marcus & Millichap's Jason Tuvia, Nick Mejerski and Eial Sauer hold the listing, and showings are by appointment only.
- Two units delivered vacant at 1211 N New Hampshire Ave
- About 25% rental upside to market
- Multiple ADU conversion opportunities on the on-site parking
- 2019 soft-story retrofit completed at 1212
- Pro forma caps of 8.63% (1211) and 9.67% (1212)
- Near the Metro B Line, the 101 Freeway and Sunset Junction
More property details
Available Properties
Total: 2About this property
Great East Hollywood location adjacent to Silver Lake, just north of Santa Monica Blvd and west of Vermont Ave. Dense, transit-friendly area with access to multiple Metro B Line (Red) stations, near Los Angeles City College, Kaiser Permanente and Thai Town.
- Minutes from Sunset Junction;
- Access to 101 Freeway;
- Metro B Line (Vermont/Santa Monica);
- Madison Ave Park
Features & amenities
Location & transit
Transit/Subway
Buses
Commuter Rail
Airport
Transit data provided by Google. Times and distances are estimates.
Additional details
1) 5942 Willoughby Ave 6u $1.35M 4.83% cap; 2) 4124-4126 1/2 Monroe St 7u $1.67M 6.55%; 3) 4221 Burns Ave 28u $5.95M 6.22%; 4) 5947 Carlton Way 13u $2.75M 5.10%; 5) 1545 Gordon St 16u $4.0M 5.43%; 6) 5527 Barton Ave 7u $1.6M 5.72%; 7) 1167 N Kingsley Dr 6u $1.41M 5.80%; 8) 4563 W Fountain Ave 8u $1.55M 5.98%
1BR comps: 4848 Lexington $1,695; 1212 Westmoreland $1,750; 1162 N Berendo $2,100; 5179 Fountain $2,000; 1120 N Ardmore $2,300; 1280 N Ardmore $2,400; averages $1,723 / $2,050 / $2,350
East Hollywood developments: 145-unit affordable project at 511 N Hoover St; 61-unit complex planned at 4800 W Melrose Ave. LA 2026 multifamily inventory growth +6.2K; LA vacancy forecast 4.7% vs US 5.3%; US inventory growth +1.2%.
Vermont Hollywood, Erewhon Silver Lake, Handles Coffee, Vons, Metro Vermont/Sunset, LA Rose Cafe, Yellow Button Cafe, DeSano Pizzeria, Island Pacific Supermarket, Hollywood Hotel, Kaiser Permanente, Hollywood Presbyterian
- 1211 N New Hampshire Ave - Studio Unit
- 1211 N New Hampshire Ave - One-Bedroom Unit
- Conceptual ADU Rendering for Visualization Purposes Only. Development Potential May Vary; Buyer to Verify.
Marcus & Millichap confidentiality, non-endorsement and rent disclaimer; showings by appointment only; © 2024 Marcus & Millichap.
U1 studio 1343/1700; U2 1bd S8 1375/2000; U3 studio VACANT 1700; U4 1bd S8 1643/2000; U5 1bd 1928; U6 studio 1446/1700; U7 studio 814/1700; U8 1bd 1700; U9 1bd S8 1640; U10 1bd 1950; U11 studio S8 968; U12 1bd S8 1383; U13 1bd 1700; U14 studio VACANT 1700; U15 1bd 1828; U16 1bd 1148 (market 2000 for 1bd)
U1 1112; U2 1569; U3 1675; U4 1391; U5 1074; U6 S8 1845; U7 S8 1240; U8 1775; U9 S8 1258; U10 S8 1713; U11 1809 (market 2000 each); U12 2bd manager's unit 1354/2300