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$ 2,300,000
Est. payment | /mo
8,559 Sqft Lot
$ 2,300,000
Est. payment | /mo
8,559 Sqft Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26130250
HOA Y/N No
Year Built 1958
Lot Size 8,559 Sqft
Property Sub-Type Apartment
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. 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.
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
State CA
County Los Angeles
Area C19 - Beverly Center-Miracle Mile
Interior
Fireplace No
Laundry None
Exterior
Carport Spaces 6
Pool None
Community Features Curbs, Street Lights, Sidewalks, Urban
Total Parking Spaces 6
Private Pool No
Building
Lot Description 31-35 Units/Acre, Near Public Transit, Paved, Street Level
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5086026015
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Listed by Cameron Samimi Lyon Stahl Investment Real Estate, Inc. 310-259-7556, DRE #02035763
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