1233 North Mansfield Avenue
Los Angeles, CA, 90038 $ 13,500,000
Baths0.0 Sq 36,132 Monthly Estimate*
$ 80,853
Studio
for $13,500,000. This 36,132 square foot home was built in 1989 on a lot size of 0.34.
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.
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FeaturesGeneralZoning LARD1.5
Pool Features None
Year Built 1989
Levels Multi/Split
County Los Angeles
Net Operating Income 666450.0
New Construction No
Property Type C
HOA / Comm Assn No
Status Active
City Los Angeles
Senior Community Y/N No
MLS Area C20 - Hollywood
Lot Size Units Square Feet
Lot Size Square Feet 15004.0
Standard Status Active
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ExteriorParking Features Subterranean
Lot Size Area 15004.0
Foundation Details None
Building Area Total 36132.0
Lot Size Acres 0.34
Land Lease Type Fee
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InteriorTotal Stories 4
Air Conditioning Y/N No
Heating Y/N No
Total Baths 0
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* Excluded FeaturesList ByNeema AhadianListing Agent
Affordability Calculator
- Monthly Principal & Interest
- $80,853
- Monthly Property Taxes
- --
- Monthly Home Insurance
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Default based on a 30-year fixed rate of 5.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Los Angeles, CA
Average List Price $2,055,802
Percent of Sale Price 85%
About Los Angeles, CA 3,920,026 Population
6% Since 2002
$ 55,057 Median Income
36.82 Median Age
27% Households with Children
Trends Information provided by ATTOM Data Solutions.
793437 Elementary School
793428 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
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6/27/2024 | $13,500,000 | | Listed Price |