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6708 Willoughby Ave, Los Angeles, CA 90038
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6708 Willoughby Ave Los Angeles, CA 90038

$3,999,999
  • 13 Beds
  • 10 Baths
  • 8,784 Sq.Ft.
For Sale
$3,999,999 Get Pre-Qualified
Map preview of 6708 Willoughby Ave, Los Angeles, CA 90038

Property Overview: 6708 Willoughby Ave Los Angeles, CA has 13 bedrooms, 10 bathrooms, 8,784 living square feet and 7,252 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 5.4% In-Place Cap Rate ! 9 Units Steps to Prime Hancock Park! Amazing Income Property Offering - Beautifully Renovated 9 unit - 5.4% In-Place Cap close to Prime Hancock Park! Walk to Pizzeria Mozza, Sushi Palace and Tesla's new diner & drive-in theatre on Santa Monica Boulevard. We are very pleased to exclusively offer for sale The Siegel, a beautifully curated collection of 9 apartment units perfectly located in the Heart of Hollywood's Media District. Steps from idyllic Larchmont Village and storied Hancock Park, as well as shops and restaurants on Highland and Melrose Avenue, 6708 Willoughby Avenue is a beautifully remodeled nine unit apartment community offering an investor an extremely strong income producing asset in one of the desirable rental markets across Los Angeles. Property features updated plumbing and electrical, new windows, freshly painted, new electrical panels, washer/dryer hookups in all units. The main panel has been upgraded to 400 amps with completely new wiring, including 10 new meters (9 units plus 1 house) have been installed. Units feature high-end finishes including new appliances, high end countertops, recessed lighting, and so much more. Offered at a 5.4% cap rate and a 13 GRM, 6708 Willoughby is an excellent income producing 9 unit apartment building in an extremely hot rental market surrounded by high end homes and primed to continue to appreciate and grow in rental income over time. The Siegel offers a 6.4% cap rate at market rents for all units, with additional rent growth in the future! Don't miss this stable income producing asset that holds significant income upside as rents grow.

Listed by Dana Brody | BRE #01429001 | Dana Brody
Last checked: 1 minute ago | Last updated: May 1st, 2024 | Source CRMLS | DOM: 142
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Home details

Lot Sq. Ft
7,252
HOA Dues
$0/mo
Year built
1924
Garage
--
Property Type:
Multi Family
Status
Active
MLS#
23339499
City
Los Angeles
County
Los Angeles
Time on Site
141 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 9
  • Total # of Buildings: 2
Unit Breakdown 1
  • # of Units: 1
  • # of Beds: 0
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,000
  • Total Rent: $2,000
  • Pro Forma/Market Rent: $2,000
Unit Breakdown 2
  • # of Units: 3
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,338
  • Total Rent: $7,016
  • Pro Forma/Market Rent: $7,016
Unit Breakdown 3
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $3,100
  • Total Rent: $6,200
  • Pro Forma/Market Rent: $6,200
Unit Breakdown 4
  • # of Units: 2
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $3,600
  • Total Rent: $7,200
  • Pro Forma/Market Rent: $7,200
Unit Breakdown 5
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $3,500
  • Total Rent: $3,500
  • Pro Forma/Market Rent: $3,500
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.4%
  • Gross Rent Multiplier: 13
  • Gross Scheduled Income: --
  • Net Operating Income: $216,928
  • Gross Operating Income: $303,792
Annual Expense Breakdown
  • Total Operating Expense: --

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Property Details for 6708 Willoughby Ave

Interior Features
Heating Information
  • Has Heating
  • Combination
Laundry Information
  • Has Laundry
  • Stackable
Room Information
  • Flooring: Wood
Kitchen Information
  • Has Appliances
  • Dishwasher, Disposal, Microwave, Refrigerator
Interior Features
  • Levels: Two
Exterior Features
Exterior Information
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 2
  • Has Parking
  • Parking Features: Gated
Property Information
  • Has View
  • View: City Lights, Hills
  • Total # of Units: 9
  • Parcel Number: 5524005001
  • Property Condition: Updated/Remodeled
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Take Melrose West, turn right on Las Palmas, located at the SW Corner of Las Palmas & Willoughby
View more facts & features

Local Los Angeles Agent

Sale History for 6708 Willoughby Ave

Last sold for $2,165,000 on June 24th, 2022

  • December, 2023

  • Dec 13, 2023

    Date

    Active

    CRMLS: 23339499

    $4,500,000

    Price

  • June, 2022

  • Jun 24, 2022

    Date

    Sold

    CRMLS: 22124005

    $2,165,000

    Price

  • Feb 2, 2022

    Date

    Active

    CRMLS: 22124005

    $2,399,000

    Price

  • Listing provided courtesy of CRMLS

    6708 Willoughby is a 7 Unit offering located in an excellent Hollywood location. There are (3) 2 Bed / 1 Bath & (4) 1 Bed / 1 Bath units. There is significant rental upside along with the potential to build an ADU from the detached garage. There are currently plans in place for this and a buyer can start building day one. There is also potential for another ADU(*Buyer to verify 2nd ADU). The building is in good condition with a lot of character that has been well maintained over the years. It is located on the corner of Willoughby and Las Palmas in a low-density neighborhood, adjacent to Hancock Park and in close proximity to the Studios and other attractions and entertainment that Hollywood has to offer.

  • September, 2021

  • Sep 3, 2021

    Date

    Active

    CRMLS: 21779954

    $2,490,000

    Price

  • Listing provided courtesy of CRMLS

    Marcus & Millichap is pleased to present a 7 Unit Offering in one of the best Hollywood Locations surrounded by multi-million dollar homes, new developments, shops, dining, and entertainment. The subject property was built in 1924 and features (3) 2 Bedroom / 1 Baths and (4) 1 Bedroom / 1 Bath. The Seller will deliver this Offering with RTI plans for an additional Studio unit that would add massive upside in rental potential and lower cost basis metrics. A future investor can also confirm the ability to add another ADU, which may potentially bring the total unit count to 9 Units. The interior of the units have unique character and have been very well maintained. The units that have been renovated have excellent finishes making them competitive with newer construction units in the area. The building offers additional income from parking and garages that are currently leased as store units.

  • February, 2019

  • Feb 19, 2019

    Date

    Sold (Public Records)

    Public Records

    $1,700,000

    Price

  • November, 2018

  • Nov 6, 2018

    Date

    Sold (Public Records)

    Public Records

    --

    Price

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Tax History for 6708 Willoughby Ave

Assessed Value (2020): $1,734,000
Year Land Value Improved Value Assessed Value
2020 $1,326,000 $408,000 $1,734,000

Home Value Compared to the Market

This property vs the competition

6708 Willoughby Ave is listed 226.53% higher than the median list price for the city of Los Angeles which has a median list price of $1,225,000. The median price per/sqft for Los Angeles is $774 and this home is listed at $455.37 per/sqft which puts the price per square foot 41.17% lower than the median price per square foot for the city of Los Angeles.

About 6708 Willoughby Ave

Detailed summary of property

6708 Willoughby Ave is a multi family located in Los Angeles, CA 90038 and is currently for sale. This multi family property offers 13 bedrooms, 10 bathrooms, roughly 8,784 living square feet, and sits on an approximately 7,252 square foot lot. 6708 Willoughby Ave was first listed on ArdentRealEstateGroup.com on December 13, 2023. The homeowner is currently asking $3,999,999 and was originally asking $4,500,000. The median priced home in Los Angeles is $1,225,000 with a median price per square foot of $774. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 226.53% higher than the median priced home. Local competing homes currently for sale include 930 S Mansfield Ave, 730 Crenshaw Blvd and 406 S St Andrews Pl. While the average home in Los Angeles, CA is selling in 96 days, 6708 Willoughby Ave has a days on market of 142 days. There are currently 3485 homes for sale in the Los Angeles real estate market and 2372 of them are single family homes while 1013 of them are condos and 94 are townhomes. For more information on this home for sale at 6708 Willoughby Ave Los Angeles, CA 90038 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 6708 Willoughby Ave

Public county record property details
Beds
9
Baths
7
Year built
--
Sq. Ft.
6,220
Lot Size
7,250
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
139
APN
5524-005-001

The source for these homes facts are from public records.

90038 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,299,000
Median List Price/Sq.Ft.
$709
Median Sold Price
$715,000
Median Sold Price/Sq.Ft.
$659
Total Inventory
40
Median Sale to List Price %
79.44%
Avg Days on Market
17
Loan Type
Conventional (0%), FHA (0%), VA (0%), Cash (50%), Other (0%)

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Recently Sold Homes Near 6708 Willoughby Ave

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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