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1260 North Hayworth Avenue

Rosalind J. Schurgin Of Festival Companies Acquires Multifamily Property In West Hollywood For $10.1M
SOLDMultiFamily

Rosalind J. Schurgin Of Festival Companies Acquires Multifamily Property In West Hollywood For $10.1M

1260 North Hayworth Avenue

$10,100,000

Building Size

Asset Type

MultiFamily

Closing

Dec 11, 2024

AI

1260 North Hayworth Avenue is a 40-unit multifamily property located in West Hollywood, California. The property was sold for $10.1 million, translating to a price per unit of $252,500. The asset's notable location offers significant potential for growth through renovations, situated close to major thoroughfares such as Sunset Boulevard and Santa Monica Boulevard.

Summary of transaction details:

Newmark facilitated the off-market sale, representing the buyer, Festival Companies. Despite the challenges posed by shifting capital markets, Newmark highlighted the multifamily property's advantageous location and the potential for increased returns through planned renovations.

Players

Anthony Muhlstein

Newmark

Broker

$1.1B

vol

25 deals

Broker

West Hollywood MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.57%

Cash-on-Cash

-0.45%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93