WeHo Turnkey Complex Next to Formosa Park | 1132 N Formosa Ave
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WeHo Turnkey Complex Next to Formosa Park 1132 N Formosa Ave
9 Unit Apartment Building $3,750,000 ($416,667/Unit) 4.39% Cap Rate Los Angeles, CA 90046
Investment Highlights
- 1132 N. Formosa is a turnkey 9-unit complex, next to Formosa Park, located in walkable and premium West Hollywood neighborhood.
- Recently upgraded with new electrical, a new water heater in 2021, new roof shingles, and soft-story retrofit completion (buyer to verify)
- Property amenities include community laundry and five tandem parking spaces.
- Located block from Santa Monica Blvd. and La Brea Ave (West Hollywood Gateway), and an array of coffee shops, cafes & quick bite eateries.
- 6 out of 9 renovated units feature wood-vinyl flooring, quartz countertops, stainless-steel appliances, updated tile, and more.
- Minutes from several large employment hubs, including well-known Hollywood employers - Netflix, KTLA-5, Paramount Studios, Kaiser Permanente & more.
Executive Summary
1132 N. Formosa is a turnkey 9-unit complex, next to Formosa Park, located in walkable and premium West Hollywood neighborhood. Located 1 block from Santa Monica Blvd. and La Brea Ave. the property is near a large selection of artisan coffee shops, charming cafes, buzzing quick bite eateries, trendy boutiques, private gyms, and highly reviewed restaurants. The property is meticulously maintained by ownership & recently upgraded with new electrical, a new water heater in 2021, new roof shingles, and soft-story retrofit completion (buyer to verify). 6 out of 9 renovated units feature wood-vinyl flooring, quartz countertops, stainless-steel appliances, updated tile, and more. Property amenities include community laundry and five tandem parking spaces.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,750,000 | Apartment Style | Low Rise |
| Price Per Unit | $416,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 4.39% | Building Size | 6,325 SF |
| Gross Rent Multiplier | 14.77 | Average Occupancy | 88% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | Parking Ratio | 1.58/1,000 SF |
| Price | $3,750,000 |
| Price Per Unit | $416,667 |
| Sale Type | Investment |
| Cap Rate | 4.39% |
| Gross Rent Multiplier | 14.77 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 6,325 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 1.58/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Refrigerator
- Linen Closet
Site Amenities
- Laundry Facilities
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 1 | $2,865 | - |
| 2+1 | 1 | $3,150 | - |
| 1+1 | 6 | $2,046 | - |
| Studios | 1 | $1,746 | - |
Walk Score ®
Walker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 5531-009-018 | Total Assessment | $4,342,415 (2024) |
| Land Assessment | $3,270,214 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,072,201 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5531-009-018
Land Assessment
$3,270,214 (2024)
Improvements Assessment
$1,072,201 (2024)
Total Assessment
$4,342,415 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | WDR3C* |
| WDR3C* |
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WeHo Turnkey Complex Next to Formosa Park | 1132 N Formosa Ave
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