Sycamore House
Los Angeles, California
Building
Stats
- Property Type Multifamily - Low-Rise/Garden
- Year built 1987
- Building size (SF) 32,121
- Units 36
- Size (Ac) 0.37
- Price $15,900,000
- Price Per Unit $407,692
- Price Per SF $495
- Cap Rate 5.95%
Overview
Sycamore House located at 1321 North Sycamore Avenue is a 32,121 square foot apartment building comprised of 39 units (6x Studio, 15x 1Bd/1Ba, 3x 2Bd/2Ba and 15x 2Bd/Ba) on 16,075 square feet of land. It is comprised of three stories with an additional parking level below-grade.
The Subject Property was constructed in 1987 and, as such, is a non-rent controlled asset. It was fully renovated in 2013 and units feature a number of highly-desirable improvements including quartz countertops, stainless steel sinks, white tile backsplashes and high-end wood plank flooring. The common areas feature a fitness center with dry sauna, fireside lounge, gas barbecue and laundry facilities on each floor. Currently operating as a student housing facility for the American Academy of Dramatic Arts (AADA), an accredited university, the Property has the advantage of no existing leaseholds or tenant issues. The Property will be delivered approximately fifty percent vacant at the close of escrow, with the remaining half leased at market rates by AADA through July 2025. This will provide a buyer with the opportunity to renovate or lease up the vacant spaces and achieve market rates well within the first year of operation.
