931 Mansfield AveLos Angeles, CA 90036

This charming, two-story French Provincial apartment building, located in the highly desirable Miracle Mile/Mid-Wilshire area of Los Angeles (90036), presents a compelling value-add investment opportunity. The property, situated on a 9,318 sq ft lot, boasts 8 spacious one-bedroom, one-bathroom units totaling 8,429 square feet. Built in 1930, the building offers significant upside potential. Three units will be vacant at closing, allowing for immediate rent increases to market rates. The remaining five units currently have below-market rents, further enhancing the value-add potential. The property also includes rear garages, which could potentially be converted into Accessory Dwelling Units (ADUs), generating additional income streams. Currently, there is supplemental income from on-site laundry facilities. The property is zoned LAR3 and features a strong economic profile with a 4.14% cap rate and a Net Operating Income (NOI) of $105,613. The asking price is $2,550,000, or $318,750 per unit, and the price per square foot is $302.53. This property is ideally positioned to capitalize on the robust Los Angeles real estate market. The APN is 5084005006.