6646 Hollywood Boulevard

Los Angeles, CA 90020

 

$21,759,000

 

Hollywood's Premier Landmark Building

 

The Cherokee Building has been a Hollywood landmark since its original construction in 1927 and is famous for being one of Hollywood's first major retail buildings with an interior motor court. Located in the heart of Hollywood, 3 blocks east of Hollywood Blvd. and Highland Ave. and 4 blocks west of Vine St. The Cherokee Building offers an investor a rare and unique opportunity to acquire a trophy property with an unparalleled 121 feet of frontage along Hollywood Blvd. The Cherokee Building is approximately 27,000 square foot (not including mezzanines) which rents to businesses such as: retail, office, and world famous Boardner's Restaurant and Nightclub.  Situated on over 17,000 square feet of land on the south east corner of Hollywood Blvd and Cherokee Ave.  There is over $5.3 Billion in current and near term development projects within 3 miles of The Cherokee Building.

 

The Cherokee Building presents an opportunity for a qualified investor to purchase a rare asset with both significant upside rental, appreciation, and extraordinary future development.

 

History

 

This structure is another fine example of the Spanish Colonial Revival Style building on Hollywood Boulevard. Norman W. Alpaugh was a Canadian Architect who moved to Los Angeles; he also designed buildings in New York.  The delicacy of the grillwork and Moorish detail give this building a warmth and attractiveness that is unsurpassed.  The enclosed interior courtyard with tiled fountain captures the romantic feeling of Spain, and is unusual for commercial buildings in Hollywood.  Designed around a parking lot, with an elaborate rear entrance, this structure is one of the earliest structures in Hollywood (and possibly Los Angeles) to be oriented around the automobile, predating Bullock’s Wilshire similar treatment” (Hollywood Revitalization, 1978).

 

Location

 

Located in the heart of Hollywood 3 blocks east of Highland Ave. and four blocks west of Vine St. On a signaled corned in the core of Hollywood Boulevard’s booming tourist market, surrounded by office buildings, high end restaurants, retail, night clubs, and new residential and commercial developments. One of Hollywood’s most highly traveled thoroughfares averaging almost 14,000 cars per hour! The Cherokee Building not only benefits from the incredible exposure and visibility Hollywood Blvd offers, but also the fantastic walking traffic generated by the millions of tourists who visit Hollywood every year. Near Gene Autry’s and James Caan’s stars along the famous Hollywood Boulevard Walk of Fame. Stop number 34 on Hollywood’s walking tour.

 

The Hollywood Story – Past and Present

 

Hollywood is rapidly ascending into the defining urban core of Los Angeles. As a result of a huge, decade long, public investment in infrastructure (including a dominant presence on the Metro rail), Hollywood is undergoing a profound renaissance which promises to fulfill its extraordinary potential. Real estate stories rarely read like this one. The brand name of Hollywood is an unparalleled location in the very center of Los Angeles. The anchor of the entertainment industry, Hollywood is also a regional leader in healthcare, a huge tourism business, and has emerged as Los Angeles's most important nightlife destination. There are literally dozens of new, hip and trendy, cafés, bars, restaurants and nightclubs.  These values help to drive an urban environment, which features historically compelling architecture, and plenty of underdeveloped parcels zoned for high-rise, high-density projects.

 

Political Will and Community Support

 

Hollywood benefits from almost across-the-board governmental consensus and support for redevelopment. The area enjoys broad-based grass roots community support for redevelopment. Hollywood has a strong Chamber of Commerce and four highly successful property owner-based Business Improvement Districts (BID).

 

Physical Infrastructure and Land Use Policies Support High Density Urban Developments

 

Hollywood is on its way to bolstering its reputation as one of the most recognized brands in the world.  In New York style, Hollywood benefits from a true urban grid, supporting a pedestrian friendly walking community.  There are many high-density mixed-use projects promoted by the planning department and Mayor's office, especially near Metro rail portals.

 

 

Property Highlights

• Two story mixed use building.

 

• Approximately 30,000 square feet of improvements.

 

• Approximately 17,224 square feet of land.

 

• 6 Retail Tenants plus Boardner's Bar and Restaurant.

 

• 22 offices on the second story.

 

• Prime opportunity to develop up to a height of 40 feet without historical barriers.

 

• Beautiful open Spanish courtyard/patio in the southern portion of the property.

 

 

 

 

• 121 feet of street frontage along Hollywood Blvd.

 

• 141 feet along Cherokee Ave.

 

• Built in 1927, by famed architect Norman Alpaugh.

 

• Long term ownership approximately 40 years.

 

• Priced at $625 per square foot including mezzanines.

 

• Average rents: $2.50 per square foot.

 

• Current Market Projections: $4 to $5 per square foot.

 

• Concrete and steel construction.

 

• Spanish colonial revival design.

 

6646 HOLLYWOOD BOULEVARD •  LOS ANGELES, CA 90028

GEORGE TAKIS     310-698-2568     gtakis@kw.com

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