$2,620,000
1252 N Mansfield AVE Los Angeles, CA 90038
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$2,620,000
Est. payment /mo
11 Beds
8 Baths
6,750 SqFt
UPDATED:
09/03/2024 10:48 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 6,750 sqft
Price per Sqft $388
MLS Listing ID 219116190
Bedrooms 11
Full Baths 8
HOA Y/N No
Year Built 1956
Lot Size 7,489 Sqft
Property Description
5 UNITS DELIVERED VACANT! Prime Net Lease is pleased to present an exceptional eight-unit multifamily investment opportunity in the heart of prime Hollywood. Nestled in one of the most sought-after markets in Los Angeles, this property offers unparalleled access to major thoroughfares and is just minutes from Hollywood's world-famous entertainment, shopping, and dining districts. The property also boasts a WalkScore of 96, making it a walkers paradise.
This well-maintained building, constructed in 1956, spans 6,750 square feet of living space on a 7,489 square foot LAR3-zoned lot. The property features a strong unit mix, including five (5) one-bedroom, one-bath units and three (3) two-bedroom, one-bath units, making it an appealing choice for a variety of tenants. Adding to its value, six of the units come with covered parking spaces in the rear (with potential to add a 7th spot).
For investors, this property represents a significant value-add opportunity. With five of the eight units to be delivered vacant, a savvy investor has immediate potential to renovate and capture higher market rents. Additionally, the property includes an on-site laundry room, providing convenient amenities for tenants while generating extra income. Separately metered gas and electric systems help keep operating costs low, enhancing profitability. Owned and meticulously maintained by the same family for over 60 years, 1252 N Mansfield is attractively priced at a 4.69% CAP rate and 13.29 GRM (using pro forma rents for the vacancies), making it an enticing opportunity for value-driven investors seeking strong returns.
With its prime location, desirable unit mix, and upside potential, this property is poised for substantial rent growth, offering a lucrative investment in Hollywood's flourishing rental market.
*CAP rate, GRM and NOI are based on pro forma rents for vacant units post-renovation. Please perform your own due diligence.
This well-maintained building, constructed in 1956, spans 6,750 square feet of living space on a 7,489 square foot LAR3-zoned lot. The property features a strong unit mix, including five (5) one-bedroom, one-bath units and three (3) two-bedroom, one-bath units, making it an appealing choice for a variety of tenants. Adding to its value, six of the units come with covered parking spaces in the rear (with potential to add a 7th spot).
For investors, this property represents a significant value-add opportunity. With five of the eight units to be delivered vacant, a savvy investor has immediate potential to renovate and capture higher market rents. Additionally, the property includes an on-site laundry room, providing convenient amenities for tenants while generating extra income. Separately metered gas and electric systems help keep operating costs low, enhancing profitability. Owned and meticulously maintained by the same family for over 60 years, 1252 N Mansfield is attractively priced at a 4.69% CAP rate and 13.29 GRM (using pro forma rents for the vacancies), making it an enticing opportunity for value-driven investors seeking strong returns.
With its prime location, desirable unit mix, and upside potential, this property is poised for substantial rent growth, offering a lucrative investment in Hollywood's flourishing rental market.
*CAP rate, GRM and NOI are based on pro forma rents for vacant units post-renovation. Please perform your own due diligence.
Location
State CA
County Los Angeles
Area La - Los Angeles (L)
Zoning R-3
Interior
Heating Wall Furnace
Cooling Ceiling Fan(s)
Fireplace false
Exterior
Garage false
View Y/N false
Private Pool No
Building
Story 2
Entry Level Two
Sewer In Street Paid
Level or Stories Two
Others
Senior Community No
Acceptable Financing Cash, Contract
Listing Terms Cash, Contract
Special Listing Condition Standard
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Listed by Prime Desert Estates
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