Eight-Unit Apartment
New
For Sale
$1,995,000
904 N Spaulding Ave, West Hollywood, CA 90046
West Hollywood multifamily asset with varied unit layouts and rear parking.
Property Size5,132 SF
Lot Size0.15 Acres
Days on Market4
Property Features for 904 N Spaulding Ave
General Information
Standard status
Active
Size
5,132 SF
Net Rentable
5,132 SF
Total Parking Spaces
6
Lot size
0.15 Acres
Property subtype
MULTI_FAMILY
Units
Unit Mix
1 x studio, 6 x 1BR/1BA, 1 x 2BR/1.5BA
Multifamily Units
8
Additional Details
Cap Rate
5.22%
Building Details
Building Size
5,132 SF
Year Built
1957
Listing Agency:
Marcus & Millichap
(213) 943-1884
Listed By:
Oscar Diaz · License #02022902
Source:
Milsteinestates
Added: Aug 28
Changed: Aug 31
Last Checked: Aug 30 at 4:06PM
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
Investment Insights
Based on property information with market context.
This 1957 multifamily property contains eight apartments across approximately 5,132 rentable square feet on a 6,421-square-foot lot. The configuration includes one studio, six one-bedroom/one-bathroom apartments, and one two-bedroom/one-and-a-half-bathroom apartment. Six parking spaces are positioned at the rear of the property. The site may also offer potential for ADU development and additional units, subject to buyer verification.
The property is located just south of Santa Monica Boulevard in West Hollywood, with access to employment centers, restaurants, retail, nightlife, and entertainment in West Hollywood, Beverly Hills, Hollywood, and the broader Los Angeles area. The offering reflects a 5.22% cap rate and more than 37% rental upside, with an 8.03% stabilized cap rate based on projected market rents. Optional seller financing is available with 50% down.
The property is located just south of Santa Monica Boulevard in West Hollywood, with access to employment centers, restaurants, retail, nightlife, and entertainment in West Hollywood, Beverly Hills, Hollywood, and the broader Los Angeles area. The offering reflects a 5.22% cap rate and more than 37% rental upside, with an 8.03% stabilized cap rate based on projected market rents. Optional seller financing is available with 50% down.
Key Highlights
- Eight‑unit apartment property built in 1957
- Approximately 5,132 rentable square feet on a 6,421‑square‑foot lot
- Unit mix: (1) studio, (6) one‑bedroom/one‑bathroom, and (1) two‑bedroom/one‑and‑a‑half‑bathroom
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
$82,578
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
4.14%
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%
$1,651,560
$1.7M
Cap Rate 7%
$1,179,686
$1.2M
Cap Rate 9%
$917,533
$917.5K
Market Conditions
NOI Build-Up for 5,132 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
$163.2K $31.80/SF
− Vacancy
−$13.1K −$2.54/SF
EGI
$150.1K $29.26/SF
− OpEx
−$67.6K −$13.17/SF
NOI
$82.6K $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%
$1,651,560
Cap Rate 7%
$1,179,686
Cap Rate 9%
$917,533
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.38M
NOI $82,578 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.40M – $3.21M
NOI $192,336 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
780
Businesses Nearby
Explore this area
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
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 - West Hollywood multifamily asset with varied unit layouts and rear parking.
Where is this apartment building located?
The property is located at 904 N Spaulding Ave West Hollywood, CA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Eight‑unit apartment property built in 1957; Approximately 5,132 rentable square feet on a 6,421‑square‑foot lot; Unit mix: (1) studio, (6) one‑bedroom/one‑bathroom, and (1) two‑bedroom/one‑and‑a‑half‑bathroom
