The Location
Holloway Drive sits in the eastern pocket of West Hollywood, a block or two south of the Sunset Strip corridor and within walking distance of the dense retail and restaurant stretch on Santa Monica Boulevard. The location is fantastic for the right owner user or to rent to a Law Firm.
The Setup
Built in 1946. Gross building area of 3,196 SF on a 1,385 SF lot.
The Math the Broker Is Pitching
No cap rate. No GRM. No stated NOI. No T-12. No rent roll.
A CoStar market rent figure of $53.61/SF for the Building.
| Metric | CoStar Subject | CoStar Market | CoStar Submarket |
|---|---|---|---|
| Market Rent / SF | $53.61 | $42.15 | $59.07 |
| Vacancy Rate | 0% | 16.6% | 13.6% |
| Implied Gross Annual (3,196 SF) | ~$171,338 | ~$134,751 | ~$188,788 |
I think the owner can get a 6 Cap on a rental after TI and commissions.
What an Operator Sees
I’m just tracking this sale so I have the data to look back on. No big takeaway here—just another interesting office trade for the database.
I'm researching the market to make better investment strategies. I'm sharing what I find along the way with other investors to have discussions, debates and help make better decisions.
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Property and transaction data: CoStar Research.