Renovated 35-Unit Apartment
For Sale
$13,700,000
1115 Hacienda Pl, West Hollywood, CA 90069
Multifamily property with upgraded residences, new building systems, and a walkable West Hollywood setting.
Property Size26,051 SF
Days on Market155
Property Features for 1115 Hacienda Pl
General Information
Standard status
Active
Size
26,051 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
35
Amenities
Prime West Hollywood Location Just Two Blocks from Sunset Strip -- Rare Block-to-Block Lot that Fronts Both Hacienda Place and La Cienega Boulevard
Attractive 5.45% CAP Rate for Prime West Hollywood
Assumable Loan with an Attractive 4.06% Interest Rate
Over 88% of Units Remodeled with Upgrades Including Stainless Steel Appliances, Updated Flooring, Quartz Countertops, New Cabinets and Backsplashes, and Brand New Fixtures
Several Recent Capital Improvements – New Roof, Upgraded Elevator, New Water Heater, New Exterior Stucco and Wood Trim, New Pool Heater and Equipment
Exempt from Costly Measure ULA Sales Taxes
Rare Large Offering – Only One 35+ Unit Property Sold in West Hollywood in Past Two Years
Walking Distance to The Mondrian Hotel, Soho House, Katana, Sunset Marquis, Barney's Beanery, Gelson's, and Brand New Erewhon
Building Details
Building Size
26,051 SF
Units
35
Listing Agency:
Encino Office
(818) 212-2700
Listed By:
Rick E. Raymundo · License #CA: 01357019
(213) 943-1855
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 1:32PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Encino Office
Investment Insights
Based on property information with market context.
This 35-unit apartment property includes 31 residences that have been renovated with varying combinations of quartz countertops, stainless steel appliances, new flooring, remodeled bathrooms, new cabinetry and backsplashes, and updated fixtures. Building improvements include a new roof, water heater, and pool equipment.
The property is located north of Santa Monica Boulevard near the Norma Triangle and two blocks from the Sunset Strip. A Walk Score of 94 identifies the immediate area as a “Walker’s Paradise,” with access to Erewhon, Gelson’s, Trader Joe’s, and Whole Foods Market. Beverly Hills, The Grove and Farmers Market, the Beverly Center, and other Hollywood and West Hollywood destinations are within a short drive.
The property is located north of Santa Monica Boulevard near the Norma Triangle and two blocks from the Sunset Strip. A Walk Score of 94 identifies the immediate area as a “Walker’s Paradise,” with access to Erewhon, Gelson’s, Trader Joe’s, and Whole Foods Market. Beverly Hills, The Grove and Farmers Market, the Beverly Center, and other Hollywood and West Hollywood destinations are within a short drive.
Key Highlights
- 35‑unit apartment property in West Hollywood
- 31 of 35 units renovated
- Renovations include quartz countertops, stainless steel appliances, flooring, bathrooms, cabinetry, backsplashes, and fixtures
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$419,181
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,383,620
$8.4M
Cap Rate 7%
$5,988,300
$6.0M
Cap Rate 9%
$4,657,567
$4.7M
Market Conditions
NOI Build-Up for 26,051 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$828.4K $31.80/SF
− Vacancy
−$66.3K −$2.54/SF
EGI
$762.1K $29.26/SF
− OpEx
−$343.0K −$13.17/SF
NOI
$419.2K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,383,620
Cap Rate 7%
$5,988,300
Cap Rate 9%
$4,657,567
Alternative Uses
Best Use
Apartment 5plus
$5.99M
$5.24M – $6.99M
NOI $419,181 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.95M
$12.20M – $16.27M
NOI $976,332 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
35
Residential units
Location Intelligence
Trade Area within ½ mile
4,184
Businesses Nearby
Explore this area
Business Placement
Demographics for 90069, CA
20,584
Population
15,160
Households
1.4
Avg Household Size
44
Median Age
72%
College-Educated
97%
High-School Grad
2.2 sq mi
ZIP Area
9,356
Density / Sq Mi
$110,705
Median Household Income
$80,535
Median Earnings
$2,230
Median Rent
$1,085,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with upgraded residences, new building systems, and a walkable West Hollywood setting.
Where is this apartment building located?
The property is located at 1115 Hacienda Pl West Hollywood, CA.
What is the asking price?
The asking price for this property is $13,700,000.
What are key features of this property?
This property features: 35‑unit apartment property in West Hollywood; 31 of 35 units renovated; Renovations include quartz countertops, stainless steel appliances, flooring, bathrooms, cabinetry, backsplashes, and fixtures
