Located in a PRIME West Hollywood location, 1 Block North of Santa Monica Blvd, this ten-unit value-add property is minutes from several neighborhood hubs (SM Blvd, Fairfax Ave and La Brea Ave). 1116 N. Spaulding features (2) 2-Bdrm and 2-Bath units and (8) 1-Bdrm units. Please note, each ground-floor unit features a private patio. The subject property presents a significant value-add opportunity, as current rents are approx. 53% below market rates compared to renovated units in the area. This corner lot property with alley access features a gated subterranean parking garage with 8 parking spaces, an additional parking area with 5 spaces, a community laundry room and a new roof installed in the last 5 years (per management). Offered in conjunction with the sale of a Spanish-style Fourplex near The Grove, 422 N. Spaulding (can be purchased separately).
10 Value-Add Units in West Hollywood
1116 N. Spaulding Avenue, West Hollywood
Property Details
Price $3,400,000
Year Built 1965
# of Units 10
Price P/ Unit $340,000
Sq. ft. 7,600 SF
Price p/ Sq. ft. $447
Current Cap Rate 3.69%
Proforma Cap Rate 6.88%
Lot Size 6,419 SF
Zoning WDR2*
