1530 N Formosa Avenue

About This Property

Beautifully positioned north of Sunset Boulevard in the heart of one of Los Angeles' most vibrant and sought-after rental markets, 1530 Formosa Avenue offers investors a rare combination of strong current cash flow, extensive capital improvements, and exceptional long-term appreciation potential. This fully occupied 10-unit apartment community is being offered at an attractive 5.7% in-place cap rate and 12 GRM, delivering immediate, stable returns from day one. In a market where quality multifamily assets often trade at significantly lower yields, 1530 Formosa stands out as a compelling investment opportunity, combining strong in-place income with the security of a highly desirable location and a proven rental history. Ideally situated just steps from neighborhood favorites including Bossa Nova, El Compadre, Aroma Coffee & Tea, and Sunset Boulevard's renowned dining and entertainment scene, residents enjoy an unmatched walkable lifestyle at the crossroads of Hollywood, West Hollywood, and the Sunset Strip. The property is minutes from Melrose Avenue, Beverly Hills, Runyon Canyon, major studios, and countless entertainment, media, and technology employers, making it a perennial favorite among high-income professionals seeking convenience, lifestyle, and connectivity. The property features an excellent mix of spacious one- and two-bedroom units, many of which have been thoughtfully remodeled with contemporary finishes that appeal to today's renters. The combination of upgraded interiors, strong occupancy, and desirable unit layouts has resulted in consistent tenant demand and stable cash flow.Ownership has invested significantly in the property's infrastructure, completing numerous major capital improvements that substantially reduce future ownership risk and near-term capital expenditures. Recent upgrades include a new roof, completed seismic retrofit, horizontal repiping, and updated electrical systems, positioning the asset as a true turnkey investment. Further enhancing the opportunity is the availability of attractive assumable financing, providing buyers with access to a below-market debt structure that is increasingly difficult to obtain in today's lending environment. This financing advantage can significantly improve day-one cash flow and overall investment returns when compared to newly originated debt. From a market perspective, opportunities to acquire stabilized multifamily assets north of Sunset Boulevard with a near-6% cap rate are increasingly rare. The property's irreplaceable location, strong in-place yield, extensive improvements, and walkable access to some of Los Angeles' most iconic lifestyle amenities create a compelling risk-adjusted investment profile for both private and institutional investors.

Neighborhood

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Listing courtesy of Dana Brody

Listing data from CRMLS. Deemed reliable but not guaranteed.