38 UNIT DEVELOPMENT OPPORTUNITY BY RIGHT
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.
Building SF: 7,200
Cap Rate Current/Pro Forma: 4.53%/6.27%
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
License CA 01515796
License CA 02005428