4.75% Cap Rate | Prime West Hollywood, CA | 1234 N Formosa Ave
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4.75% Cap Rate | Prime West Hollywood, CA 1234 N Formosa Ave
16 Unit Block of Flats £4,029,618 (£251,851/Unit) 4.75% Net Initial Yield West Hollywood, CA 90046
Investment Highlights
- The most attractive cap rate (4.75%) currently offered for sale in West Hollywood
- All major building systems are new circa 2015/16
- Individually metered for gas and electric
- Rebuilt and fully renovated in 2015/16 at a cost of roughly $1.5 million
- Units completely reframed and rebuilt with a convenient and open floor-plan
- Ratio Utility Billing System (RUBS) for tenant water usage
Executive Summary
*** Contact us for Executive Summary & Offering Memorandum ***
Lucrum Real Estate Group is proud to present Villa Formosa, located at 1234 North Formosa Avenue. Villa Formosa is a stunning Spanish revival multifamily investment property located in the highly coveted City of West Hollywood. This rare investment opportunity represents the best cap rate (4.75%) currently offered for sale in West Hollywood and a turnkey, high income generating property with roughly ±17% rental upside potential.
In 2016, Villa Formosa underwent a substantial renovation that amounted to a roughly $1.5 million dollar floor to ceiling rebuild. Ownership replaced every major system, including main sewer line, plumbing, electrical, framing, flooring, and roof. The building is individually metered for gas and electricity, and RUBS is in place for tenant water usage.
The apartment building totals ±10,080 square feet and offers 16 large, light, and bright spacious units in one two-story building comprised of:
+ (4) Studios + One-Bath
+ (12) One-Bedroom + One-Bath
The property is situated on a ±6,907 square foot lot zoned WDR3C and originally constructed in 1927-1931.
All but one unit are completely reframed and rebuilt with a convenient and open floor-plan. Unit amenities include fully redesigned kitchens and baths with the utmost attention to detail, large arched windows and exposed brick in select units, wood floors throughout and split-unit central AC and heat.
Aesthetically, the property grounds and building are pristine, offering residents a comfortable living experience.
West Hollywood, California is a robust economic and cultural center and is centrally located near Hollywood Hills, Beverly Hills, and the districts of Fairfax and Beverly Grove. WeHo is a densely populated and high demand rental market comprise of small lots, mixed land use, and walkable street grids. It is ranked as one of the most walkable cities in all of California.
Main sources of business and social activities in WeHo are driven by shopping, dining, nightlife, and entertainment. All of which are primarily located in and around the Sunset Strip, Santa Monica Boulevard, and the Avenues of Art & Design along Robertson, Melrose, and Beverly Boulevard. People from all over the globe visit West Hollywood for its iconic destinations and its unparalleled historical connection to music, entertainment, architecture, fashion, and culture-making.
In addition, Villa Formosa is just minutes from some of the most iconic and world-famous attractions, including;
+ Chateau Marmont (1.9 mi)
+ Mondrian Hotel (2.1 mi)
+ The Comedy Store (2.1 mi)
+ The Grove (2.4 mi)
+ The Abbey (2.6 mi)
+ Petit Ermitage (2.6 mi)
+ The Sunset Strip (2.6 mi)
+ The Viper Room (2.8)
+ Pacific Design Center (2.8 mi)
+ Whiskey a Go Go (2.8 mi)
+ Troubadour (2.9 mi)
Location Highlights
+ Located in the heart of West Hollywood, California
+ Adjacent to Hollywood, Fairfax, and La Brea Tar Pits
+ Located near some of the hottest nightlife and restaurants in all of Los Angeles
*** Contact us for Executive Summary & Offering Memorandum ***
Lucrum Real Estate Group is proud to present Villa Formosa, located at 1234 North Formosa Avenue. Villa Formosa is a stunning Spanish revival multifamily investment property located in the highly coveted City of West Hollywood. This rare investment opportunity represents the best cap rate (4.75%) currently offered for sale in West Hollywood and a turnkey, high income generating property with roughly ±17% rental upside potential.
In 2016, Villa Formosa underwent a substantial renovation that amounted to a roughly $1.5 million dollar floor to ceiling rebuild. Ownership replaced every major system, including main sewer line, plumbing, electrical, framing, flooring, and roof. The building is individually metered for gas and electricity, and RUBS is in place for tenant water usage.
The apartment building totals ±10,080 square feet and offers 16 large, light, and bright spacious units in one two-story building comprised of:
+ (4) Studios + One-Bath
+ (12) One-Bedroom + One-Bath
The property is situated on a ±6,907 square foot lot zoned WDR3C and originally constructed in 1927-1931.
All but one unit are completely reframed and rebuilt with a convenient and open floor-plan. Unit amenities include fully redesigned kitchens and baths with the utmost attention to detail, large arched windows and exposed brick in select units, wood floors throughout and split-unit central AC and heat.
Aesthetically, the property grounds and building are pristine, offering residents a comfortable living experience.
West Hollywood, California is a robust economic and cultural center and is centrally located near Hollywood Hills, Beverly Hills, and the districts of Fairfax and Beverly Grove. WeHo is a densely populated and high demand rental market comprise of small lots, mixed land use, and walkable street grids. It is ranked as one of the most walkable cities in all of California.
Main sources of business and social activities in WeHo are driven by shopping, dining, nightlife, and entertainment. All of which are primarily located in and around the Sunset Strip, Santa Monica Boulevard, and the Avenues of Art & Design along Robertson, Melrose, and Beverly Boulevard. People from all over the globe visit West Hollywood for its iconic destinations and its unparalleled historical connection to music, entertainment, architecture, fashion, and culture-making.
In addition, Villa Formosa is just minutes from some of the most iconic and world-famous attractions, including;
+ Chateau Marmont (1.9 mi)
+ Mondrian Hotel (2.1 mi)
+ The Comedy Store (2.1 mi)
+ The Grove (2.4 mi)
+ The Abbey (2.6 mi)
+ Petit Ermitage (2.6 mi)
+ The Sunset Strip (2.6 mi)
+ The Viper Room (2.8)
+ Pacific Design Center (2.8 mi)
+ Whiskey a Go Go (2.8 mi)
+ Troubadour (2.9 mi)
Location Highlights
+ Located in the heart of West Hollywood, California
+ Adjacent to Hollywood, Fairfax, and La Brea Tar Pits
+ Located near some of the hottest nightlife and restaurants in all of Los Angeles
*** Contact us for Executive Summary & Offering Memorandum ***
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£284,236
|
£28.20
|
| Other Income |
£7,493
|
£0.74
|
| Vacancy Loss |
£8,752
|
£0.87
|
| Effective Gross Income |
£282,977
|
£28.07
|
| Taxes |
£50,370
|
£5.00
|
| Operating Expenses |
£41,162
|
£4.08
|
| Total Expenses |
£91,532
|
£9.08
|
| Net Operating Income |
£191,445
|
£18.99
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £284,236 |
| Annual Per SF | £28.20 |
| Other Income | |
|---|---|
| Annual | £7,493 |
| Annual Per SF | £0.74 |
| Vacancy Loss | |
|---|---|
| Annual | £8,752 |
| Annual Per SF | £0.87 |
| Effective Gross Income | |
|---|---|
| Annual | £282,977 |
| Annual Per SF | £28.07 |
| Taxes | |
|---|---|
| Annual | £50,370 |
| Annual Per SF | £5.00 |
| Operating Expenses | |
|---|---|
| Annual | £41,162 |
| Annual Per SF | £4.08 |
| Total Expenses | |
|---|---|
| Annual | £91,532 |
| Annual Per SF | £9.08 |
| Net Operating Income | |
|---|---|
| Annual | £191,445 |
| Annual Per SF | £18.99 |
Property Facts
| Price | £4,029,618 | Apartment Style | Low Rise |
| Price Per Unit | £251,851 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Net Initial Yield | 4.75% | Building Size | 10,080 SF |
| Gross Rent Multiplier | 13.81 | Average Occupancy | 100% |
| No. Units | 16 | Number of Floors | 2 |
| Property Type | Residential | Year Built/Renovated | 1927/2016 |
| Property Subtype | Apartment |
| Price | £4,029,618 |
| Price Per Unit | £251,851 |
| Sale Type | Investment |
| Net Initial Yield | 4.75% |
| Gross Rent Multiplier | 13.81 |
| No. Units | 16 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 10,080 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built/Renovated | 1927/2016 |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Granite Countertops
- Wooden Floors
- Basement
- Dining Room
Site Amenities
- Controlled Access
- Laundry Facilities
- Vintage Building
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 4 | £1,401 | 625 - 650 |
| 1+1 | 12 | £1,507 | 650 |
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Walk Score ®
Walker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 5531-008-017 | Total Assessment | £2,535,352 (2024) |
| Land Assessment | £1,894,601 (2024) | Annual Taxes | £50,370 (£5.00/sf) |
| Improvements Assessment | £640,751 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5531-008-017
Land Assessment
£1,894,601 (2024)
Improvements Assessment
£640,751 (2024)
Total Assessment
£2,535,352 (2024)
Annual Taxes
£50,370 (£5.00/sf)
Tax Year
2023
zoning
| Zoning Code | WDR3C (Multi Family) |
| WDR3C (Multi Family) |
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4.75% Cap Rate | Prime West Hollywood, CA | 1234 N Formosa Ave
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