1233 N Mansfield Avenue, Los Angeles, CA 90038 (MLS # 24408557)
The 36-unit Palms View Apartments located at 1229 N Mansfield Ave in Hollywood. Located just west of Highland Ave between Fountain Ave & Lexington Ave, this property features a unit mix of three one-bedrooms (approximately 684 SF) and 33 two-bedrooms (784-949 SF), and 66 parking spaces.Constructed in 1989, 1229 N Mansfield Ave benefits from not being subject to the Los Angeles Rent Stabilization Ordinance, providing greater allowable rental increases. Significant renovations have been carried out in six units, enhancing them with luxury features such as wide plank vinyl flooring, modern shaker cabinets, quartz countertops, new paint, and smoothed ceilings. Additionally, these units have been upgraded with new stainless-steel appliances and air conditioning units. 23 of the units have been partially renovated, allowing an investor to capture rental upside in those units as they turn over time. Several of the units have views of Hollywood and command a premium in rent.The property has also received extensive exterior upgrades, including exterior paint, and a new intercom and security camera system.There is an on-site community laundry room at the property with three washers and three dryers. Additionally, there is a full gym with several workout machines, treadmills, and free weights.This offering represents an exceptional opportunity to acquire a well-maintained property with no deferred maintenance and strong existing cash flow, demonstrated by a 4.89% CAP rate with an additional 10% rental upside achievable as units turn and the proven renovation plan is continued.With a high Walk Score of 95, the location provides superb access to schools, employment centers, and transit options, facilitating easy commutes to various nearby neighborhoods such as Hancock Park, La Brea, Fairfax, West Hollywood, and Beverly Hills.Located in the heart of Hollywood, an area synonymous with entertainment, culture, and luxury living, Mansfield Terrace Apartments offers investors a unique chance to own a piece of one of Los Angeles' most iconic and vibrant neighborhoods.
Property Type(s):
Residential Income
|
Last Updated
|
8/20/2024
|
Year Built
|
1989
|
|
Community
|
Hollywood
|
County
|
Los Angeles
|
Additional Details
| AIR |
None |
| AREA |
Hollywood |
| GARAGE |
Underground |
| HEAT |
None |
| LOT |
0.34 acre(s) |
| PARKING |
Underground |
| STORIES |
4 |
| ZONING |
LARD1.5 |
Location
Listed with Marcus & Millichap
The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.
Based on information from California Regional Multiple Listing Service, Inc. as of 10/17/24 8:07 PM PDT and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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