Active

1233 N Mansfield Ave

Los Angeles CA, 90038

$13,500,000


$373.63 per sqft

Active

68 Beds

68 Baths

36,132 sqft

Multi-family

Built in 1989

The 36-unit Palms View Apartments located at 1229 N Mansfield Ave in Hollywood. Located just west of Highland Ave between Fountain Ave & Lexington Ave, this property features a unit mix of three one-bedrooms (approximately 684 SF) and 33 two-bedrooms (784-949 SF), and 66 parking spaces.Constructed in 1989, 1229 N Mansfield Ave benefits from not being subject to the Los Angeles Rent Stabilization Ordinance, providing greater allowable rental increases. Significant renovations have been carried out in six units, enhancing them with luxury features such as wide plank vinyl flooring, modern shaker cabinets, quartz countertops, new paint, and smoothed ceilings. Additionally, these units have been upgraded with new stainless-steel appliances and air conditioning units. 23 of the units have been partially renovated, allowing an investor to capture rental upside in those units as they turn over time. Several of the units have views of Hollywood and command a premium in rent.The property has also received extensive exterior upgrades, including exterior paint, and a new intercom and security camera system.There is an on-site community laundry room at the property with three washers and three dryers. Additionally, there is a full gym with several workout machines, treadmills, and free weights.This offering represents an exceptional opportunity to acquire a well-maintained property with no deferred maintenance and strong existing cash flow, demonstrated by a 4.89% CAP rate with an additional 10% rental upside achievable as units turn and the proven renovation plan is continued.With a high Walk Score of 95, the location provides superb access to schools, employment centers, and transit options, facilitating easy commutes to various nearby neighborhoods such as Hancock Park, La Brea, Fairfax, West Hollywood, and Beverly Hills.Located in the heart of Hollywood, an area synonymous with entertainment, culture, and luxury living, Mansfield Terrace Apartments offers investors a unique chance to own a piece of one of Los Angeles' most iconic and vibrant neighborhoods.

24-408557

MLS ID

June 27, 2024

Listed

July 13, 2024

Updated

Map

1233 N Mansfield Ave
Los Angeles CA, 90038

Interior Features

Total Stories

4


Bedrooms

68


Total Bathrooms

68


Appliances

None


Fireplace

No


Cooling

No


Cooling Description

None


Heating

No


Heating Description

None

Exterior/Building Features

Lot Size

0.34 Acres

Other Property Details

Area Name

Hollywood


Days on Market

30


Garage

No


Parking

Subterranean


Parking Total

50


View

No


County

Los Angeles


Pool

No


Zoning

LARD1.5

Listed by Neema Ahadian with Marcus & Millichap
Listing Contact: 310-909-5444 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor RSR Rogers Stellini Ritt Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 7/13/2024

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