1530 N Formosa Ave, Los Angeles, CA 90046

Property Description

Beautifully positioned North of Sunset Boulevard at the crossroads of West Hollywood, Hollywood and the Sunset Strip, 1530 N. Formosa Avenue presents an exceptional opportunity to acquire a stabilized 10-unit multifamily asset in one of Los Angeles' most sought-after rental markets. Offered at $2,999,000, or just $299,900 per unit, the property is 100% occupied and generates $179,492 of in-place NOI, representing an attractive 5.98% in-place cap rate. The property sits within a highly walkable lifestyle district surrounded by some of Los Angeles' most recognizable restaurants, entertainment venues, nightlife and cultural destinations. Residents are within walking distance of Bossa Nova, El Compadre, Aroma Coffee & Tea and the renowned dining and entertainment offerings along Sunset Boulevard, while remaining minutes from Melrose Avenue, Beverly Hills, Runyon Canyon, the Hollywood Bowl and major employment centers serving the entertainment, media, technology and creative industries. 1530 N. Formosa is exceptionally well positioned to benefit from the continued investment and transformation occurring throughout West Hollywood and the Sunset Strip. The area continues to attract new residential, retail, restaurant, hospitality and mixed-use development, further strengthening the surrounding live-work-play environment. The proposed 9034 Sunset Boulevard project represents one of the major developments planned along the Sunset corridor and calls for approximately 198 residential apartments, including 35 affordable units, along with approximately 9,250 SF of office space, 1,800 SF of restaurant space and 2,840 SF of retail. The project would add a significant new residential and commercial component to the Sunset Boulevard corridor. Additional investment is occurring throughout the broader West Hollywood area, including projects introducing new retail, food-and-beverage, wellness, gallery and pedestrian-oriented uses. This continued development is helping expand the area's amenity base and reinforce Sunset Boulevard and surrounding neighborhoods as premier destinations for residents, visitors and businesses.The nearby Beverly Hills corridor is also experiencing substantial residential and mixed-use investment, further strengthening the broader Westside/Hollywood submarket. New development along Wilshire Boulevard, Santa Monica Boulevard and Beverly Drive is adding housing, retail, dining and hospitality offerings while improving connectivity throughout the area. The property features an attractive mix of spacious one- and two-bedroom residences, with all units thoughtfully remodeled with contemporary finishes that appeal to today's renters. All units feature private patios and/or balconies, providing a highly desirable amenity in the Los Angeles rental market. Ownership has completed significant capital improvements, substantially reducing near-term capital requirements for a new owner. Improvements include a new roof, completed Soft Story Seismic Retrofit, horizontal repiping and updated electrical systems, positioning the property as a well-maintained asset with major infrastructure work already addressed. With 100% occupancy and $179,492 of in-place NOI, the property provides a strong current income base while offering additional upside through continued interior renovations, rental-rate optimization and operational improvements.