Fountain Avenue Apartments
5119 Fountain Ave | Los Angeles, California | 90029
- Year Built: 1967
- Type: Apartment
- Units: 39
- GRM: 14.92
- Cap Rate: 3.70%
- Bldg Size: 19,992 Sq Ft.
- Lot Size: 25,547 Sq Ft.
- Hollywood & Los Feliz adjacent
- Strong rental market
- 40% upside in rents
- 37 gated parking spaces
The Fountain Ave Apartments consist of a 39-unit building located in the city of Los Angeles (East Hollywood), California. The subject property is situated on Fountain Ave just west of Normandie Ave and a two-minute drive to the US-101 Hollywood Freeway.
The property consists of a 19,992 s.f., 2-story, wood-framed stucco building built on a 25,552 s.f. lot. The building offers a unit mix comprised of twelve singles and twenty-seven 1+1 units. The amenities include a swimming pool, on-site laundry, and thirty-seven gated parking spaces.
Fountain Ave Apartments is within walking distance to three different Metrolink stations as well as the Barnsdall Art Park, a unique park that has hosted local and international art exhibits for decades within its main facility, the Los Angeles Municipal Art Gallery. It is only a five-minute drive to Hollywood, which has some of the most spectacular restaurants and nightclubs in Los Angeles, as well as the Pantages Theatre and Arc Light Cinemas.
Fountain Ave Apartments is an excellent investment opportunity that offers below-market rents in a strong rental market. Additionally, the building offers increased income potential to value-add investors based on future upgrades. As a stabilized investment, it would be a great addition to any apartment portfolio.