5265 Fountain Avenue

Description

I am pleased to offer for sale 5265 Fountain Avenue, a seven unit live/work apartment community with a commercial overlay allowance. The subject property is located on the Northeast corner of Fountain Avenue and North Harvard Boulevard in the heart of East Hollywood. It is ideally located three blocks east of the Interstate 101 Hollywood Freeway and one block south of Sunset Boulevard allowing tenants convenient access throughout Los Angeles.The subject property is located one half mile east of the former Sears site located at 5601 Santa Monica Boulevard where BARDAS Investment Group and Bain Capital plan to develop 600,000 square feet of sound and flex stages, private bungalow space, retail space and creative office space. The project is expected to occur over a 25-month period and could be completed by 2026.Situated on a 5,784 square foot lot, the property is comprised of seven extremely unique and highly sought-after live/work units. Select units have been thoroughly upgraded with in-unit washer/dryer, central HVAC and modern kitchens and finishes. Due to its 1986 construction, 5265 Fountain is not subject to Los Angeles City Rent Control, and is only subject to AB1482 State Rent Control. The property boasts a parking ratio of 1.7 with all parking spaces located behind a secured gate.5265 Fountain Avenue provides investors with a rare opportunity to acquire a 1980's constructed asset with a unique unit-mix and healthy income stream in a desirable East Hollywood submarket. *Subject property was initially constructed as a commercialbuilding, but property is zoned R3-1. Buyer to verifyallowable uses with the City.