1318 Mansfield Avenue, Los Angeles, CA 90028
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Listed Price :
$12,150,000
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Beds :
N/A
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Baths :
N/A
-
Property Size :
N/A sqft
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Year Built :
1988
Property Description
The 32-unit Mansfield Terrace Apartments located at 1318 N Mansfield Ave in Hollywood. Located just west of Highland Ave between De Longpre Ave & Fountain Ave, this property features a desirable mix of 32 one-bedroom apartments, including 5 unique one-bedroom units with lofts on the third floor and 50 parking spaces, including 10 EV charging stations.Constructed in 1988, 1318 N Mansfield Ave benefits from not being subject to the Los Angeles Rent Stabilization Ordinance, providing greater allowable rental increases. Significant renovations have been carried out in 10 units, enhancing them with luxury features such as wide plank vinyl flooring, modern shaker cabinets, quartz countertops, polished chrome fixtures, new paint, and smoothed ceilings. Additionally, these units have been upgraded with new stainless-steel appliances and air conditioning units. Each apartment boasts its own balcony, along with a washer & dryer combo and individual water heater.The property has also received extensive exterior upgrades, including exterior paint, a new intercom and security camera system, and a renovated courtyard complete with new patio furniture, a fireplace, a leasing office, a BBQ area, and updated elevator equipment.This offering represents an exceptional opportunity to acquire a well-maintained property with no deferred maintenance and strong existing cash flow, demonstrated by a 4.40% CAP rate with an additional 16% rental upside achievable as units turn and the proven renovation plan is continued. Eligible units were served rental increases in February 2024. With a high Walk Score of 95, the location provides superb access to schools, employment centers, and transit options, facilitating easy commutes to various nearby neighborhoods such as Hancock Park, La Brea, Fairfax, West Hollywood, and Beverly Hills.Located in the heart of Hollywood, an area synonymous with entertainment, culture, and luxury living, Mansfield Terrace Apartments offers investors a unique chance to own a piece of one of Los Angeles' most iconic and vibrant neighborhoods.
Interior Features
Bedroom Information |
Bedrooms |
N/A |
Bathroom Information |
Bathrooms |
N/A |
Listing Information
Address |
1318 Mansfield Avenue |
City |
Los Angeles |
State |
CA |
Zip |
90028 |
County |
Los Angeles |
Listing Agent |
Neema Ahadian DRE #01346750 |
Courtesy Of |
Marcus & Millichap |
List Price |
$12,150,000 |
Status |
Active |
Type |
Residential Income |
Structure Size |
N/A |
Lot Size |
21,169 |
Year Built |
1988 |
Listing information courtesy of: Neema Ahadian, Marcus & Millichap. *Based on information from the Association of REALTORS/Multiple Listing as of Mar 21st, 2024 at 5:18 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.