Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

12

Building size

9,132 sqft

Lot size

8,559 sqft

Year built

1958

Stories

2

Garage spaces

0

Pool

None

Status

Active

Days on market

87

MLS #

247334616

About this property

1117 S Spaulding Ave presents the opportunity to acquire a 12-unit apartment building in the heart of Mid-Wilshire, just minutes from Fairfax, Miracle Mile, Beverly Grove, Pico-Robertson, and Museum Row. The property sits on an 8,559 SF LAR3-zoned lot and features 9,132 SF of improvements with a strong unit mix of (1) 3+1 unit and (11) 1+1 units. The location is one of the strongest parts of the story. Tenants are minutes from The Grove, Farmers Market, LACMA, the Academy Museum, Beverly Center, Cedars-Sinai, and the Wilshire/Fairfax Metro D Line station. Metro’s D Line extension now connects Miracle Mile to Koreatown and Downtown LA, while LACMA’s new David Geffen Galleries recently opened nearby, adding another major demand driver to the area. At $2,300,000, the asset is priced at $192K per unit and approximately $252 per SF, below the nearby sales-comp averages shown in the OM. With a central Mid-Wilshire location, meaningful income upside, and an attractive basis in a high-barrier-to-entry rental market, 1117 S Spaulding Ave offers investors a clear value-add opportunity in one of Los Angeles’ most desirable infill submarkets.

Location

1117 S Spaulding

Los Angeles, Los Angeles, CA, 90019