Property Description

The 36-unit Palms View Apartments located at 1229 N Mansfield Ave in Hollywood. Located just west of Highland Ave between Fountain Ave & Lexington Ave, this property features a unit mix of three one-bedrooms (approximately 684 SF) and 33 two-bedrooms (784-949 SF), and 66 parking spaces.Constructed in 1989, 1229 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 six units, enhancing them with luxury features such as wide plank vinyl flooring, modern shaker cabinets, quartz countertops, new paint, and smoothed ceilings. Additionally, these units have been upgraded with new stainless-steel appliances and air conditioning units. 23 of the units have been partially renovated, allowing an investor to capture rental upside in those units as they turn over time. Several of the units have views of Hollywood and command a premium in rent.The property has also received extensive exterior upgrades, including exterior paint, and a new intercom and security camera system.There is an on-site community laundry room at the property with three washers and three dryers. Additionally, there is a full gym with several workout machines, treadmills, and free weights.This offering represents an exceptional opportunity to acquire a well-maintained property with no deferred maintenance and strong existing cash flow, demonstrated by a 4.89% CAP rate with an additional 10% rental upside achievable as units turn and the proven renovation plan is continued.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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