Closed: December 10, 2021
West Hollywood – WESTMAC Commercial Brokerage Company has arranged the sale of 7611 N. Lexington Avenue in West Hollywood, California for $3,200,000.
7611 N. Lexington Avenue is a two-story, 8-unit apartment building in one of the most sought-after rental locations, West Hollywood. The property is comprised of approximately 6,918 square feet of improvements on approximately 6,534 square feet of land with an excellent unit mix of 4 one-bedroom, one-bathroom apartments units and 4 two-bedroom, one-bathroom apartment units. Building amenities include ten parking spaces, community laundry, and storage area. The property sold for $400,000 per unit at 4.0% cap rate, and 16.5 GRM.
“This is a well-kept and low-maintenance property in a highly desirable rental market,” said T.C. Macker. “It made sense for our Buyer who was in a 1031-exchange.”
West Hollywood is known for its premier nightlife, restaurants, retail and its proximity to several employment centers and business services.
T.C. Macker, CCIM, Christian C. Holland, Woody Cook, and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Buyer. Katia Miramontes of The Agency represented the Seller.