1223 N Beachwood Drive, Los Angeles, CA 90038

Property Description

1223 N. Beachwood Drive is a seven-unit apartment building in the heart of Hollywood, offered as a 100% fee simple interest on a free and clear basis. Built in 1963, the two-story building sits on a 6,749-square-foot lot with approximately 5,580 square feet of gross building area and secure gated parking, a valued amenity in a neighborhood where street parking is scarce. It offers three one-bedroom, one-bath units and four two-bedroom, two-bath units, one of which includes a den, a mix that appeals to young professionals, couples, roommates and residents who work from home. Current ownership has made substantial investments that remove many of the big-ticket items buyers of older Los Angeles buildings typically face: the mandatory soft-story seismic retrofit is complete, the roof has been replaced, electrical subpanels have been upgraded, the exterior has been freshly painted and a new automatic gate has been installed. A sleek horizontal-slat perimeter fence and modern gray exterior give the property strong curb appeal and a sense of privacy, while a private yard and patio space add rare outdoor living for residents. Three of the seven units have been fully renovated with white and natural wood-tone cabinetry, stone-look countertops, stainless steel appliances including gas ranges and dishwashers, light wood-look plank flooring, recessed lighting, mirrored closet doors, modern bathrooms with marble-look tile and stacked in-unit washers and dryers. These finishes compete with newer buildings, and several units already lease at or above market rents. The remaining four units give a new owner a clear, low-risk path to continue the same renovation program as they turn over, using a finish standard that has already been tested on site. The building is 100% occupied, providing stable income from day one, with in-place rents approximately 19% below market. That gap is concentrated in a few long-term tenancies, so each turnover is an opportunity to add meaningful income and value. Utility reimbursement income helps offset operating costs, and with the major capital work already done, a new owner can direct capital toward revenue-generating interior upgrades rather than deferred maintenance. Located just north of Santa Monica Boulevard on a residential block, the property puts residents minutes from Sunset Boulevard, Hollywood Boulevard, major production studios, the Hollywood/Vine Metro station and the Hollywood Freeway, giving easy access to employment centers throughout Los Angeles. Hollywood, renowned as the entertainment capital of the world, is one of the city's most recognized and amenity-rich rental markets. Residents enjoy historic theaters, live music venues, a celebrated outdoor amphitheater, award-winning restaurants, classic diners and buzzing nightlife, along with walkable shopping and iconic landmarks that draw millions of visitors each year. The Hollywood Hills and their hiking trails are a short drive north. Steady demand from professionals in entertainment, media, music and hospitality supports strong occupancy and rent growth for well-located, updated apartments. For investors, 1223 N. Beachwood Drive combines a seismically retrofitted, well-maintained building with stable in-place income, meaningful embedded upside and a manageable scale. The property is ideal for 1031 exchange buyers seeking a hands-off asset, value-add operators looking for a proven business plan and long-term investors who want to own in one of Southern California's most enduring rental markets. It is available individually or as part of a 23-unit, three-building portfolio with an additional Hollywood property and an eight-unit asset in West Hollywood, offering the chance to build immediate scale across two premier submarkets. Buyers should verify rent control status, unit sizes and building systems during due diligence. Tours by appointment only; please do not contact residents or on-site management.