1612 N. CAHUENGA BOULEVARD :: LOS ANGELES, CA 90028
 
38 UNIT DEVELOPMENT OPPORTUNITY BY RIGHT
PROPERTY DESCRIPTION

Rare value add opportunity in the heart of Hollywood. Over 35% upside potential with two below market month to month tenants. The property consists of 7,200 SF of building. The three retail tenants include; the well-known La Velvet Margarita Cantina, True Tattoo, and a Smoke Shop. La Velvet Margarita Cantina has been located there for over a decade and has been featured on the LA weekly paper.

The bar is permitted with multiple liquor licenses and is authorized to be open until 4:00 AM, it also has city approval for alcohol sales in the rear of the property. True Tattoo is popular due to their show and filming - being one of the limited permitted tattoo shops in Hollywood. The third unit is leased by a Smoke Shop.  The Smoke Shop and Tattoo Shop are both on month-to-month leases, well below market rents.

FINANCIAL HIGHLIGHTS

  • Price: $6,500,000

  • Building SF: 7,200 

  • Price/SF: $902

  • Cap Rate Current/Pro Forma: 4.53%/6.27%

ASSET HIGHLIGHTS

  • Over 35% Upside in Rents

  • Month to Month Leases ( 2 Tenants )

  • New Sale Lease Back Between Tenant and Owner For $25,000 Per Month 5 Years with 5 Year Option - 3% Annual Increases

  • Multiple Liquor Licenses for La Velvet Margarita

  • Prime Cahuenga Corridor Location

 

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contact information

DANIEL HIRTH

310.300.2838

Daniel@HirthGroup.com

License CA 01515796

ALEX REYHAN

310.300.3181

Alex@HirthGroup.com

License CA 02005428

REQUEST OFFERING

MEMORANDUM