1239 & 1243 S La Cienega Blvd — Glaser Group | Los Angeles Multifamily Real Estate Broker

20 Units in Pico Robertson | 11.69 GRM & 5.33% Cap Rate

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$4,600,000

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Property Highlights

20 units built in 1950 across two separate mirrored lots
Updated electric breakers, gutters, copper plumbing, and a recently replaced water on 1243
Both buildings have been bolted and braced
1243 has a brand new roof, 1239’s in good condition per Seller
Unit mix consists of (16) 1BR/1BA + (4) Studios
Below market rents provide ~30% potential upside
Basements of each building configured for laundry rooms that are not being utilized
No on-site management required
(12) parking spaces in the ally of the property
Billboard and natural resources bring in an additional source of income to ownership

The Opportunity

The Glaser Group is pleased to present 1239 & 1243 S La Cienega Blvd, a well-maintained 20-unit multifamily property located in the highly desirable Pico-Robertson neighborhood of Los Angeles. Built in 1950, this investment opportunity consists of (16) one-bedroom, one-bath units and (4) studio units across two mirrored lots. These properties are being offered together as a portfolio sale, providing investors with the opportunity to acquire two adjacent assets in a strong rental market. Additionally, both lots are commercially zoned (LAC2), presenting a rare opportunity for potential future redevelopment or mixed-use conversion.

The property has undergone significant capital improvements, including updated electric breakers, copper plumbing, Updated electric breakers, gutters, copper plumbing, a recently replaced water on 1243, and bolted and braced foundations. Additionally, 1243 S La Cienega has a brand-new roof, while 1239’s roof remains in good condition. With below-market rents and a 30% rental upside, this asset presents a compelling opportunity for investors seeking long-term appreciation and strong cash flow. The basements of both buildings are pre-configured for laundry rooms, offering a potential additional revenue stream. Furthermore, the property requires no on-site management, making it an attractive option for investors looking for a more passive investment.

Financially, the portfolio offers a current cap rate of 5.33%, with a pro forma cap rate of 7.48% once rents are fully stabilized. The gross rent multiplier (GRM) is 11.69 currently, with a pro forma GRM of 9.93. The property is also generating additional income from billboards and natural resource rights, further enhancing its cash flow potential.

Strategically located in Pico-Robertson, the property benefits from proximity to Beverly Hills, West Hollywood, and Culver City, placing it near major employment centers, retail, and entertainment. Tenants enjoy easy access to The Grove, Beverly Center, Cedars-Sinai Medical Center, and numerous restaurants and shops. Additionally, the property offers convenient access to the I-10 and I-405 freeways as well as the new D-Line subway station at Wilshire and La Cienega, making it an attractive rental location for commuters.

With strong in-place rents, low overhead, and multiple revenue streams, 1239 & 1243 S La Cienega Blvd offers an outstanding investment opportunity for those looking to acquire a value-add asset in a prime Los Angeles location.