For Sale
$2,620,000

1252 Mansfield AveLos Angeles, CA 90038

Prime Hollywood location, value-add opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
114
This 8-unit apartment building in Hollywood, CA presents a compelling value-add investment opportunity. Located at 1252 N Mansfield Ave, 90038, this two-story, 6,750 square foot building sits on a 7,489 square foot lot zoned LAR3. Built in 1956, the property features a desirable unit mix of five one-bedroom, one-bathroom units and three two-bedroom, one-bathroom units. Five units are currently vacant, offering significant potential for rent increases after renovation. The building includes six covered parking spaces (with potential for a seventh) and an on-site laundry facility, generating additional income. Separately metered gas and electric systems contribute to efficient operation. The asking price is $2,620,000, representing a current cap rate of 4.69% and a pro-forma cap rate of 5.52%. The property's strong location in the heart of Hollywood, with a WalkScore of 96, ensures high tenant demand. The current NOI is $122,806, with a pro-forma NOI of $144,723. This meticulously maintained property, owned by the same family for over 60 years, offers a rare chance to capitalize on Hollywood's thriving rental market.

Highlights

  • High value-add opportunity with significant rental upside; five vacant units.
  • Desirable unit mix: five 1-bedroom/1-bathroom units and three 2-bedroom/1-bathroom units.
  • Six covered parking spaces, potential for seven.
  • On-site laundry generates additional income.
  • Excellent Hollywood location with easy access to major thoroughfares and entertainment venues.
  • Separately metered gas and electric utilities.

Property Details for 1252 Mansfield Ave

Property type
Apartment buildings
Square Feet
6,750 SF
Year Built
1956
Stories
2
Units
8

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.0940735
Longitude
-118.3401451
1252 Mansfield Ave, Los Angeles, California

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1252 Mansfield Ave
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