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$ 3,100,000
Est. payment | /mo
13 Beds
13 Baths
8,198 SqFt
$ 3,100,000
Est. payment | /mo
13 Beds
13 Baths
8,198 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 8,198 sqft
Price per Sqft $378
MLS Listing ID 26662069
Bedrooms 13
HOA Y/N No
Year Built 1963
Lot Size 7,553 Sqft
Property Description
Beautifully positioned north of Sunset Boulevard in the heart of one of Los Angeles' most vibrant and sought-after rental markets, 1530 Formosa Avenue offers investors a rare combination of strong current cash flow, extensive capital improvements, and exceptional long-term appreciation potential. This fully occupied 10-unit apartment community is being offered at an attractive 5.7% in-place cap rate and 12 GRM, delivering immediate, stable returns from day one. In a market where quality multifamily assets often trade at significantly lower yields, 1530 Formosa stands out as a compelling investment opportunity, combining strong in-place income with the security of a highly desirable location and a proven rental history. Ideally situated just steps from neighborhood favorites including Bossa Nova, El Compadre, Aroma Coffee & Tea, and Sunset Boulevard's renowned dining and entertainment scene, residents enjoy an unmatched walkable lifestyle at the crossroads of Hollywood, West Hollywood, and the Sunset Strip. The property is minutes from Melrose Avenue, Beverly Hills, Runyon Canyon, major studios, and countless entertainment, media, and technology employers, making it a perennial favorite among high-income professionals seeking convenience, lifestyle, and connectivity. The property features an excellent mix of spacious one- and two-bedroom units, many of which have been thoughtfully remodeled with contemporary finishes that appeal to today's renters. The combination of upgraded interiors, strong occupancy, and desirable unit layouts has resulted in consistent tenant demand and stable cash flow.Ownership has invested significantly in the property's infrastructure, completing numerous major capital improvements that substantially reduce future ownership risk and near-term capital expenditures. Recent upgrades include a new roof, completed seismic retrofit, horizontal repiping, and updated electrical systems, positioning the asset as a true turnkey investment. Further enhancing the opportunity is the availability of attractive assumable financing, providing buyers with access to a below-market debt structure that is increasingly difficult to obtain in today's lending environment. This financing advantage can significantly improve day-one cash flow and overall investment returns when compared to newly originated debt. From a market perspective, opportunities to acquire stabilized multifamily assets north of Sunset Boulevard with a near-6% cap rate are increasingly rare. The property's irreplaceable location, strong in-place yield, extensive improvements, and walkable access to some of Los Angeles' most iconic lifestyle amenities create a compelling risk-adjusted investment profile for both private and institutional investors.
Location
State CA
County Los Angeles
Area C20 - Hollywood
Zoning LAR3
Interior
Heating Forced Air
Cooling Wall/Window Unit(s)
Fireplace No
Appliance Refrigerator
Exterior
Parking Features Covered, Carport, Garage
Total Parking Spaces 10
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5548011025
Acceptable Financing Cash
Listing Terms Cash
Financing Assumed,Cash
Special Listing Condition Standard
Virtual Tour https://vimeo.com/1172499619/6636e33434
Listed by Dana Brody Dana Brody #01429001
NEARBY SCHOOL & BUSINESS