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1117 S Spaulding Ave
Los Angeles, CA 90019
Multifamily Property For Sale
·
12 Units
Executive Summary
1117 S Spaulding Ave presents the opportunity to acquire a 12-unit apartment building in the heart of Mid-Wilshire, just minutes from Fairfax, Miracle Mile, Beverly Grove, Pico-Robertson, and Museum Row. The property sits on an 8,559 SF LAR3-zoned lot and features 9,132 SF of improvements with a strong unit mix of (1) 3+1 unit and (11) 1+1 units.
The location is one of the strongest parts of the story. Tenants are minutes from The Grove, Farmers Market, LACMA, the Academy Museum, Beverly Center, Cedars-Sinai, and the Wilshire/Fairfax Metro D Line station. Metro’s D Line extension connects Miracle Mile to Koreatown and Downtown LA, while LACMA’s new David Geffen Galleries adds another major demand driver to the area.
The property also offers substantial rental upside, with current rents totaling $17,658 per month compared to projected market rents of $32,000 per month. This represents more than $172,000 in projected annual rental upside and a path to increase NOI from approximately $107,559 to $265,919 once rents are brought closer to market.
At $2,400,000, the asset is priced at $200,000 per unit and approximately $263/SF, below the nearby sales comp averages shown in the OM. With a central Mid-Wilshire location, meaningful income upside, and an attractive basis in a high-barrier-to-entry rental market, 1117 S Spaulding Ave offers investors a clear value-add opportunity in one of Los Angeles’ most desirable infill submarkets.
The location is one of the strongest parts of the story. Tenants are minutes from The Grove, Farmers Market, LACMA, the Academy Museum, Beverly Center, Cedars-Sinai, and the Wilshire/Fairfax Metro D Line station. Metro’s D Line extension connects Miracle Mile to Koreatown and Downtown LA, while LACMA’s new David Geffen Galleries adds another major demand driver to the area.
The property also offers substantial rental upside, with current rents totaling $17,658 per month compared to projected market rents of $32,000 per month. This represents more than $172,000 in projected annual rental upside and a path to increase NOI from approximately $107,559 to $265,919 once rents are brought closer to market.
At $2,400,000, the asset is priced at $200,000 per unit and approximately $263/SF, below the nearby sales comp averages shown in the OM. With a central Mid-Wilshire location, meaningful income upside, and an attractive basis in a high-barrier-to-entry rental market, 1117 S Spaulding Ave offers investors a clear value-add opportunity in one of Los Angeles’ most desirable infill submarkets.
Property Facts
| Price Per Unit | $200,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 4.48% | Building Size | 9,132 SF |
| Gross Rent Multiplier | 11.26 | Average Occupancy | 97% |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 0.83/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R3, Los Angeles | ||
| Price Per Unit | $200,000 |
| Sale Type | Investment |
| Cap Rate | 4.48% |
| Gross Rent Multiplier | 11.26 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 9,132 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 0.83/1,000 SF |
| Zoning | R3, Los Angeles |
Amenities
Unit Amenities
- Air Conditioning
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | $1,342 | - |
| 3+2 | 1 | $2,896 | - |
Property Taxes
| Parcel Number | 5086-026-015 | Improvements Assessment | $853,070 |
| Land Assessment | $639,796 | Total Assessment | $1,492,866 |
Property Taxes
Parcel Number
5086-026-015
Land Assessment
$639,796
Improvements Assessment
$853,070
Total Assessment
$1,492,866
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