Why we bought this
Seven units collecting rent today at ~$178K per door, on a half-acre corner with verified site capacity for up to 38 affordable-housing units, subject to approvals.
Income today, redevelopment optionality tomorrow. In April 2026, Oleg Sergiienko closed this seven-unit Hollywood multifamily at $1,245,000 - approximately $177,900 per existing door - on a half-acre corner site. The buyer was not underwriting a single exit. The property offered at least four paths: keep collecting the existing rents; operate through any planning period; improve units and grow rents; or, over the long term, pursue redevelopment of up to 38 affordable-housing units on the existing site under Hollywood's land-use and density-incentive framework - a potential 5.4x the current unit count - subject to design, permitting, and municipal approval. The site capacity has been verified against zoning and land use, but no development approval exists today, and redevelopment would eliminate current income during construction - the thesis is honest about that. What the basis buys is time and choice. At under $178K per door with rent coming in, the buyer can wait for the density question to resolve without needing it to.
What made this one work
- $1,245,000 closing price (April 2026)
- 7 existing income units
- ~$177,900 per door
- Half-acre corner site
- Verified site capacity for up to 38 affordable-housing units (5.4x), subject to approvals - no approval exists today
What you're buying
Inside the property
The math behind the deal
See the cap rate, rent roll, comps & exits
Leave your email or phone. We'll unlock the full memo now and send follow-up deals matching this thesis.
What the numbers mean
Per-door basis is the multifamily buyer's margin of safety. When the price per existing unit sits below replacement and comparable trades, the current income carries the deal, and any future density is a free option rather than a bet.
From the agent
Oleg Sergiienko sourced and negotiated the acquisition and researched the site's land-use position for the buyer.
The bottom line
The buyer bought seven rent checks and a question worth answering - and paid only for the rent checks.
Evaluating income plus land plays? Request a basis, income, and redevelopment review from SunSt.
Common questions
What was the per-unit price at 611 S 24th Ave?+
Approximately $177,900 per existing unit, on a $1,245,000 closing in April 2026.
Is the 38-unit redevelopment approved?+
No. The site's capacity for up to 38 affordable-housing units has been verified against zoning and land use, but design, permitting, and municipal approval have not been obtained. Nothing is approved or guaranteed.
Would redevelopment affect the current income?+
Yes - demolition would eliminate existing rental income during planning and construction. The acquisition works on current income alone, which is the point.