Matthew Kanner, President of The Kanner Group of KW Commercial, is pleased to announce he has brokered the $5.955 million sale of a fully occupied 11-unit condo-mapped townhome property located at 5420 Harold Way in the Hollywood submarket of Los Angeles.
Kanner represented the seller and buyer, both Los Angeles-based private investors. The buyer was in a 1031 exchange and the price per unit was just over $541,000.
Built in 2008, the five-story Deco-style building features 10 two-story townhome units averaging 1,423 square feet (sf) and one three-story townhome unit totaling 1,690 sf. All of the units feature expansive windows, in-unit washer/dryer, cove lighting, balcony, and other high-end finishes along with sprawling city views from downtown L.A. to Griffith Park.
“This is a stunning, well-located turnkey investment property,” said Kanner. “It affords the new owner the flexibility of either continuing to operate the asset as class A rental product, or future conversion to individual condo/for-sale product. This unique investment opportunity fetched the highest sale price per unit since 2018, and the fourth highest ever paid in the 90027 submarket, according to CoStar data.”
The property is located in a rapidly transforming pocket, nestled between the heart of Hollywood and Los Feliz, near the intersection of Sunset Boulevard and Western Avenue. The 101 Hollywood Freeway and Hollywood/Western Metro Red Line station are each just three blocks from the property.