Active

1318 N Mansfield Ave

Los Angeles CA, 90028

$12,150,000


$590.09 per sqft

Active

32 Beds

32 Baths

20,590 sqft

Residential

Built in 1988

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.

24-363613

MLS ID

February 29, 2024

Listed

May 9, 2024

Updated

Map

1318 N Mansfield Ave
Los Angeles CA, 90028

Interior Features

Total Stories

3


Bedrooms

32


Total Bathrooms

32


Appliances

None


Fireplace

No


Cooling

Yes


Cooling Description

Wall Unit(s)


Heating

Yes


Heating Description

Wall

Exterior/Building Features

Lot Size

0.49 Acres

Other Property Details

Area Name

Hollywood


Days on Market

52


Garage

No


Parking

Gated Underground


Parking Total

33


View

No


County

Los Angeles


Pool

No


Zoning

LARD1.5

Listed by Neema Ahadian with Marcus & Millichap
Listing Contact: 310-909-5444 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Enrique Lizarazu shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 5/9/2024

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