23
See all 23 photos
$2,400,000
Est. payment /mo
6 Beds
4 Baths
8,559 Sqft Lot
New
1117 S Spaulding Los Angeles, CA 90019
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Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26130250
Bedrooms 6
Lot Size 8,559 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
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. Metros D Line extension now connects Miracle Mile to Koreatown and Downtown LA, while LACMAs new David Geffen Galleries recently opened nearby, adding another major demand driver to the area. The property also offers substantial rental upside, with current rents totaling $17,658 per month compared to projected market rents of $32,000 per month. This represents more than $172,000 in projected annual rental upside and a path to increase NOI from approximately $107,559 to $265,919 once rents are brought closer to market. At $2,400,000, the asset is priced at $200,000 per unit and approximately $263 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
State CA
County Los Angeles
Zoning Assessor
Direction From the I-10 Freeway, exit La Brea Ave and head north. Turn left onto Pico Blvd, then turn right onto Spaulding Ave. Continue n
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 5086026015
Acceptable Financing Conventional
Listing Terms Conventional
Listed by Cameron Samimi, DRE#02035763 Lyon Stahl Investment Real Estate, Inc.
NEARBY SCHOOL & BUSINESS
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