1146 N Formosa Ave, West Hollywood, CA 90046

1146 N Formosa Ave, West Hollywood, CA 90046

West Hollywood, CA

Property Description

Fantastic 8-unit investment property located in prime West Hollywood. This is the first time the property’s been on the market in approximately 46 years! The mid-century apartment complex, built in 1956, offers a total of 6,856 square feet of living space, with each unit boasting 857 square feet on average. The building features a strong unit mix, of (2) spacious 2-bedroom/1-bath units and (6) large 1-bed / 1-bath units. Four of the eight units have received interior upgrades over the years, and the building has received significant capital improvements including a full copper re-pipe in 2013. The roof was also fully replaced in 2009. Additionally, the property’s tuck-under parking with 6 spots in the back of the lot does not require a soft-story retrofit per the City of West Hollywood (Buyer to verify with City). One unit will also be delivered vacant. 1146 N Formosa is occupied by several long-term tenants, offering over 60% upside on the current rents!

Property Features

  • Sale Price: $2,350,000
  • Area Size: 6,764 sq ft lot
  • Year Built: 1956
  • Listing Date: 05-08-2024
  • Units: 8
  • Current GRM: 15.67
  • Current Cap Rate: 4.01

Lyon Stahl Investment Real Estate

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