1316-1324 Virgil Pl

PartnersCRE is pleased to present 1316-1324 Virgil Pl, an 18-unit multifamily property of charming 1920s bungalow-style buildings on a large 18,552 SF lot in East Hollywood. The two lots are directly adjacent to and surrounded by property owned by Children’s Hospital Los Angeles (CHLA). The property sits near Sunset Boulevard and Vermont Avenue, 0.2 miles from the main Children’s Hospital Los Angeles campus, within the Hollywood Community Plan area and close to Los Feliz and Silver Lake.

The property consists of seven charming 1920s bungalow-style buildings (built 1922 to 1924), totaling 7,844 SF, on two contiguous parcels. The unit mix is 2 studios, 8 one-bedroom units, 4 two-bedroom units, two 3 bed / 1 bath units and two 3 bed / 2 bath units. 17 of 18 units are occupied. Scheduled rent is $297,312 per year, including the vacant studio at its asking rent. Estimated current NOI is $165,493. All 18 units are subject to the Los Angeles Rent Stabilization Ordinance (RSO). In-place rents are well below current East Hollywood market rents, offering large rental upside upon unit turnover. The lot is zoned C4-1 in Transit Oriented Communities Tier 3. APNs 5542-010-016 and 5542-010-017. Walk Score 94. Asking price is $4,500,000 ($250,000 per unit / $243 per land SF). No entitlements are in place or implied; buyer to verify development potential, TOC incentives and all zoning matters.