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,… Read More 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. Read Less
Courtesy of Lyon Stahl Investment Real Estate, Inc. 310-425-9838
Listing Snapshot
Days Online
32
Last Updated
Property Type
Other
Beds
8
Square Ft.
6,842
Lot Size
0.16 Acres
Year Built
1950
MLS Number
25513135
30 Days Snapshot Of 90035
$1,580k
-18%
(avg) sold price
7
-30%
homes sold
142
+125%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
None
Building
6,842 sq ft, Built in 1950, Levels: Multi/Split
Cooling
Window Unit(s)
Disclosures
None
Garage
Uncovered
Heating
Wall
Lot
LotAcreage: 0.1611, LotSizeArea: 7,016
Parking
CoveredParking: 6, TotalParking: 6
Property
NumberOfUnits: 10, Zoning: LAC2
Find The Perfect Home
'VIP' Listing Search
Whenever a listing hits the market that matches your criteria you will be immediately notified.
The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.
Confirm your time
Fill in your details and we will contact you to confirm a time.
