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Listed by Cameron Samimi, DRE #02035763 • Lyon Stahl Investment Real Estate, Inc.
$ 2,400,000
Est. payment /mo
New
1117 S Spaulding Los Angeles, CA 90019
8,559 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSB26130250
Year Built 1958
Lot Size 8,559 Sqft
Source California Regional MLS
Property Description
1117 S Spaulding Ave presents the opportunity to acquire a 12-unit apartment building in the heart of Mid-Wilshire, just minutes from Fairfax, Miracle Mile, Beverly Grove, Pico-Robertson, and Museum Row. The property sits on an 8,559 SF LAR3-zoned lot and features 9,132 SF of improvements with a strong unit mix of (1) 3+1 unit and (11) 1+1 units. The location is one of the strongest parts of the story. Tenants are minutes from The Grove, Farmers Market, LACMA, the Academy Museum, Beverly Center, Cedars-Sinai, and the Wilshire/Fairfax Metro D Line station. Metro's D Line extension now connects Miracle Mile to Koreatown and Downtown LA, while LACMA's new David Geffen Galleries recently opened nearby, adding another major demand driver to the area. The property also offers substantial rental upside, with current rents totaling $17,658 per month compared to projected market rents of $32,000 per month. This represents more than $172,000 in projected annual rental upside and a path to increase NOI from approximately $107,559 to $265,919 once rents are brought closer to market. At $2,400,000, the asset is priced at $200,000 per unit and approximately $263 per SF, below the nearby sales-comp averages shown in the OM. With a central Mid-Wilshire location, meaningful income upside
Location
State CA
County Los Angeles
Area C19 - Beverly Center-Miracle Mile
Interior
Laundry None
Exterior
Garage Spaces 6.0
Pool None
Building
Lot Description Grade - Level, Paved
Water District - Public
Others
Tax ID 5086026015
Special Listing Condition Not Applicable
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