Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Villa Monterey Apartments, a 21-unit rent controlled multifamily investment property located in Hollywood, one of the premier housing markets in Southern California.
Villa Monterey Apartments benefits from its exceptional Hollywood location, less than one-mile from the 101 Freeway, less than a 20-minute walk from the Hollywood/Vine Metro Red Line Station and within a 10-15 minute walk of Franklin Village. Residents have ideal proximity to thousands of high-paying jobs, a plethora of entertainment venues, cultural destinations, and world class restaurants.
Built in 1928, Villa Monterey Apartments represents an opportunity to acquire a mid-size multifamily asset in one of the most sought after submarkets in Los Angeles County. The growth of the Hollywood job market has helped to provide continued rental rate growth for the Hollywood submarket.
Situated on a 0.50-acre lot, the 17,380 square foot property consists of studio, one- and two-bedroom floor plans averaging 827 square feet. Villa Monterey Apartments offers an attractive range of amenities including lush landscaping, a charming communal courtyard with a stone fireplace and fish pond, on-site laundry, and covered parking.
Given the property’s premier Hollywood location and the strength of the apartment fundamentals in the Hollywood submarket, Villa Monterey Apartments is an ideal investment for operators seeking strong long term returns and appreciation.