Description
We are 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 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 comprise 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.
PROPERTY HIGHLIGHTS:
+ The most attractive cap rate (4.75%) currently offered for sale in West Hollywood
+ Rebuilt and fully renovated in 2016 at a cost of roughly $1.5 million
+ All major building systems are new circa 2015/16
+ Units completely reframed and rebuilt with a convenient and open floor-plan
+ Individually metered for gas and electric
+ Ratio Utility Billing System (RUBS) for tenant water usage
+ Diverse unit mix of (4) studios + one-bath & (12) one-bedroom + one-bath
+ High income producing turnkey asset with roughly ±17% rental upside potential
+ Select units feature exposed brick and split-unit central AC & heat
+ Located near some of the hottest nightlife and restaurants in all of Los Angeles
+ Located in the heart of West Hollywood, California
Location
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Attribution contact: 866-582-7865
Listing Agent: Raymond Rodriguez
Listing Office: Keller Williams Realty Calabasas
