5826 Carlton Way Active Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90028
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 20,700 sqft
Price per Sqft $413
MLS Listing ID 25541819
Year Built 1924
Lot Size 0.384 Acres
Acres 0.2816
Property Sub-Type Multi-Family
Property Description
5826 Carlton Way presents a rare opportunity to acquire a historically significant multifamily asset in the heart of Hollywood. Built in 1924 by Paramount Pictures to house its actors during the Golden Age of cinema, this character-rich property known today as Carlton Canyon Apartments offers a blend of classic architecture and modern living amenities. Offered as a portfolio sale at $8,550,000, the package includes the 36-unit + 2 ADU's apartment building priced at $7,750,000, and a separately parceled 4,468 SF parking lot across the street listed at $800,000. Zoned Q R4-1VL, Tier 3 TOC, the lot presents a compelling development opportunity. While a high-density build of ~20 units is feasible, a more straightforward approach could be a 3-story multifamily structure with fewer units. The two parcels are described under separate APNs with no covenant tying them together, allowing a buyer to sell them individually if desired. Some tenants have parking as a lease provision, while others hold it under addenda, creating flexibility for future parking income or redevelopment plans. The building is operating at a 3.76% cap rate based on current income, with a market upside to 7.28%. and a low $225K per door. The unit mix consists of 1 bachelor, 35 studios, and 2 newly built ADUs. Approximately 25 units have been remodeled, 75% of tenants are on RUBS, and the property features new copper wiring, sporadic copper plumbing, and landlord-owned basement laundry for additional income.
Location
State CA
County Los Angeles
Area Hollywood
Zoning LAR4
Rooms
Other Rooms None
Interior
Heating Wall
Cooling Ceiling Fan, Wall Unit(s)
Equipment Ceiling Fan, Elevator, Garbage Disposal, Range/Oven, Refrigerator
Laundry Other
Exterior
Parking Features Uncovered
Garage Spaces 35.0
View Y/N Yes
View Landmark
Building
Story 3
Level or Stories Three Or More
Others
Special Listing Condition Standard