West Hollywood Multifamily Investment
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1530 N Formosa Ave, West Hollywood, CA 90046
10-unit multifamily property in West Hollywood with assumable financing.
Property Size8,900 SF
Price / SF$337.08
Days on Market223
Property Features for 1530 N Formosa Ave
General Information
Standard status
Active
Size
8,900 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$176,249
Building Details
Year Built
1963
Units
10
Listing Agency:
Marcus & Millichap - Encino
Listed By:
Dana Brody · License #CA
Source:
Crexi
Added: Mar 17
Changed: Oct 25
Last Checked: Oct 24 at 5:53PM
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 Marcus & Millichap - Encino
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Investment Insights
Based on property information with market context.
Located in West Hollywood, 1530 N. Formosa Avenue is a 10-unit multifamily property. The property features a mix of one- and two-bedroom units. The property has undergone capital improvements, including a Soft Story Seismic Retrofit, horizontal repiping, and a new roof. The property is positioned near Sunset Boulevard and major employment and entertainment hubs. The building size is 8900 square feet. The property benefits from assumable financing at 3.74% fixed through 2040.
Key Highlights
- Assumable financing at a low 3.74% fixed rate through 2040 provides a significant cost of capital advantage.
- Major capital improvements already completed, including Soft Story Seismic Retrofit, repiping, and new roof, reducing future capital expenditure risk.
- Located in prime West Hollywood, close to Sunset Boulevard and major employment/entertainment hubs, ensuring consistent tenant demand.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$143,208
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,864,160
$2.9M
Cap Rate 7%
$2,045,829
$2.0M
Cap Rate 9%
$1,591,200
$1.6M
Market Conditions
NOI Build-Up for 8,900 SF
Gross rent
$283.0K $31.80/SF
− Vacancy
−$22.6K −$2.54/SF
EGI
$260.4K $29.26/SF
− OpEx
−$117.2K −$13.17/SF
NOI
$143.2K $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 Rate 5%
$2,864,160
Cap Rate 7%
$2,045,829
Cap Rate 9%
$1,591,200
Alternative Uses
Best Use
Apartment 5plus
$2.05M
$1.79M – $2.39M
NOI $143,208 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.77M
$4.17M – $5.56M
NOI $333,552 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
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Business Placement
Demographics for 90046, CA
49,987
Population
31,929
Households
1.6
Avg Household Size
39
Median Age
63%
College-Educated
95%
High-School Grad
5.7 sq mi
ZIP Area
8,770
Density / Sq Mi
$94,259
Median Household Income
$65,607
Median Earnings
$2,204
Median Rent
$1,411,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 10-unit multifamily property in West Hollywood with assumable financing.
Where is this apartment building located?
The property is located at 1530 N Formosa Ave West Hollywood, CA.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: Assumable financing at a low 3.74% fixed rate through 2040 provides a significant cost of capital advantage.; Major capital improvements already completed, including Soft Story Seismic Retrofit, repiping, and new roof, reducing future capital expenditure risk.; Located in prime West Hollywood, close to Sunset Boulevard and major employment/entertainment hubs, ensuring consistent tenant demand.
