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$ 2,212,500
$ 2,600,000 14.9%
Est. payment | /mo
8 Beds
10 Baths
6,842 SqFt
$ 2,212,500
$ 2,600,000 14.9%
Est. payment | /mo
8 Beds
10 Baths
6,842 SqFt
Key Details
Sold Price $2,212,500
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 6,842 sqft
Price per Sqft $323
MLS Listing ID 25513135
Bedrooms 8
Year Built 1950
Lot Size 7,017 Sqft
Property Description
PROPERTY IS BEING SOLD WITH ADJACENT 10-UNIT BUILDING, 1243 S LA CIENEGA AVE, 20 UNITS IN TOTAL FOR $4,600,000...1239 & 1243 S La Cienega Blvd, a well-maintained 20-unit multifamily property located in the highly desirable Pico-Robertson neighborhood of Los Angeles. Built in 1950, this investment opportunity consists of (16) one-bedroom, one-bath units and (4) studio units across two mirrored lots. These properties are being offered together as a portfolio sale, providing investors with the opportunity to acquire two adjacent assets in a strong rental market. Additionally, both lots are commercially zoned (LAC2), presenting a rare opportunity for potential future redevelopment or mixed-use conversion. The property has undergone significant capital improvements, including updated electric, a recently replaced water heater (in 1243 building), copper plumbing, and bolted and braced foundations. Additionally, 1243 S La Cienega has a brand-new roof, while 1239's roof remains in good condition per Seller. With below-market rents and a 30% rental upside, this asset presents a compelling opportunity for investors seeking long-term appreciation and strong cash flow. The basements of both buildings are pre-configured for laundry rooms, offering a potential additional revenue stream. Furthermore, the property requires no on-site management, making it an attractive option for investors looking for a more passive investment. Financially, the portfolio offers a current cap rate of 5.40%, with a pro forma cap rate of 7.48% once rents are fully stabilized. The gross rent multiplier (GRM) is 11.65 currently, with a pro forma GRM of 9.93. The property is also generating additional income from billboards and natural resource rights (on the 1239 building), further enhancing its cash flow potential. Strategically located in Pico-Robertson, the property benefits from proximity to Beverly Hills, West Hollywood, and Culver City, placing it near major employment centers, retail, and entertainment. Tenants enjoy easy access to The Grove, Beverly Center, Cedars-Sinai Medical Center, and numerous restaurants and shops. Additionally, the property offers convenient access to the I-10 and I-405 freeways, making it an attractive rental location for commuters. Conveniently located blocks away from the new D-Line subway extension at Wilshire and La Cienega. With strong in-place rents, low overhead, and multiple revenue streams, 1239 & 1243 S La Cienega Blvd offers an outstanding investment opportunity for those looking to acquire a value-add asset in a prime Los Angeles location.
Location
State CA
County Los Angeles
Area C19 - Beverly Center-Miracle Mile
Zoning LAC2
Interior
Heating Wall Furnace
Exterior
Parking Features Uncovered
Building
Story 2
New Construction No
Others
Special Listing Condition Standard
Listed by Jake Glaser • Lyon Stahl Investment Real Estate, Inc.
Bought with Jake Glaser • Lyon Stahl Investment Real Estate, Inc.
Bought with Jake Glaser • Lyon Stahl Investment Real Estate, Inc.