1318 N Mansfield Avenue
Los Angeles, CA, 90028 $ 12,150,000
Bedrooms32 Baths32.0 Sq 20,590 Monthly Estimate*
$ 84,871
Listed by Marcus & Millichap
for $12,150,000 with 32 bedrooms and 32 full baths. This 20,590 square foot home was built in 1988 on a lot size of 0.486.
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.
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FeaturesGeneralHeating WallFurnace
Zoning LARD1.5
Year Built 1988
Levels MultiSplit
Gross Income 920626.0
County Los Angeles
Net Operating Income 562852.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N N
Special Listing Conditions Standard
Status Active
Directions Located just west of Highland Ave between De Longpre Ave & Fountain Ave.
City Los Angeles
View Y/N N
Senior Community Y/N N
Total Units 32
MLS Area C20 - Hollywood
Lot Size Square Feet 21169.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Mansfield
Property Attached Y/N N
Land Lease Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 52
Standard Status Active
Cap Rate 4.63
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ExteriorTotal Parking 33.0
Lot Size Area 21169.0
Number of Buildings 1
Spa N
Building Area Total 20590.0
Lot Dimensions 138x153
Lot Size Acres 0.486
Lot Size Units SquareFeet
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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InteriorTotal Stories 3
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N Y
Fireplace Y/N N
Full Baths 0
Half Baths 0
1/4 Baths 0
3/4 Baths 0
Street Suffix Avenue
Total Bedrooms 32
Electric On Property Y/N N
Total Baths 32
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $84,871
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Los Angeles, CA
Average List Price $2,000,821
Percent of Sale Price 84%
About Los Angeles, CA 3,920,026 Population
6% Since 2002
$ 55,057 Median Income
36.82 Median Age
27% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
3/1/2024 | $12,150,000 | | Listed Price |