1146 N Formosa Ave, West Hollywood, CA 90046

8-Unit Mid-Century in West Hollywood w/ 60% Upside

Sold: $2,250,000

Property Highlights

8 Units Built in 1956
6,856 Total SqFt; units average 857 SqFt each
Solid mix of (6) 1+1 and (2) 2 +1 units
First time on market in 46 years!
6 tuck-under parking spots in back of lot
Four of eight units with interior upgrades
Significantly under market rents, over 60% upside; One unit delivered vacant
Soft-story retrofit exempt (Buyer to verify)
Prime West Hollywood location off a Santa Monica Blvd
Full copper plumbing repipe in 2013
Prime WeHo location; walkable to bars, restaurants & grocers along Santa Monica Blvd

The Deal Story

The Glaser Group is pleased to announce the successful sale of 1146 N Formosa Ave, a fantastic 8-unit investment property located in prime West Hollywood. This is the first time the property was on the market in approximately 46 years! The mid-century apartment complex, built in 1956, offers a total of 6,856 square feet of living space, with each unit boasting 857 square feet on average. The building features a strong unit mix, of (2) spacious 2-bedroom/1-bath units and (6) large 1-bed / 1-bath units. Four of the eight units have received interior upgrades over the years, and the building has received significant capital improvements including a full copper repipe in 2013. The roof was also fully replaced in 2009. Additionally, the property’s tuck-under parking with several spots in the back of the lot did not require a soft-story retrofit per the City of West Hollywood.

Within 2 weeks of taking on this listing, our team was able to generate an all-cash offer from the owner of one of the adjacent lots, executing on a smooth 30-day escrow. Despite low rents and high interest rates, we were able to achieve multiple all-cash offers and an extremely aggressive closing price. The final closing metrics were a 3.96% cap rate and 15.25 GRM, which you don't see too often these days.

Fun fact: This was the first LA multifamily landlord that I ever met in person when I first got into the business. Persistence pays off!

If you are interested in learning more about this sale or exploring a multifamily disposition or 1031 exchange of your own, please give us a call.