Located within a neighborhood that has experienced an influx of capital from both institutional multifamily investors and large movie studios, local rents have steadily risen, which may allow a new owner to improve income at the property. While similar buildings in the area have sold for more than $325,000 per unit, 5555 Carlton Way is available for only $307,500 per unit. The large corner lot totals 17,618 square feet and is zoned LAR4 with a Tier 4 TOC designation (Buyer to verify), which could allow future development potential. Tenants in this property benefit from its close proximity to the long-awaited Hollywood Target store, which opened in late-2020, as well as several shops and restaurants along Hollywood Boulevard, Sunset Boulevard, and Western Avenue. The Hollywood/Western Metro station is just one block away, while Ralphs and Walgreens are within walking distance as well. A trend of studio space expansion has dramatically improved the local neighborhood, including a joint-venture between The Blackstone Group and Hudson Pacific Partners to redevelop and expand the nearby Sunset Bronson Studios and Sunset Gower Studios. Netflix recently leased out nearly the entire 14-story ICON office tower at the corner of Sunset Boulevard and Van Ness Avenue, just one half-mile from the property.
Courtesy of Roderick ''Rick'' Raymundo, Marcus & Millichap
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Data last updated 7/3/22