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$ 2,995,000
Est. payment | /mo
12 Beds
12 Baths
9,206 SqFt
$ 2,995,000
Est. payment | /mo
12 Beds
12 Baths
9,206 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 9,206 sqft
Price per Sqft $325
MLS Listing ID 25529795
Bedrooms 12
HOA Y/N No
Year Built 1948
Lot Size 0.287 Acres
Lot Dimensions Assessor
Property Description
Investor gold in Miracle Mile: 1128 Masselin Ave is a pride-of-ownership 12-unit (all 1-bed/1-bath) on an oversized 12,493 sqft LAR3 corner lot that's been family-held and meticulously maintained for 30 years. Three separate entrances and stairwells serve four units each (condo/TIC exit potential), beautiful hardwood floors, updated dual-pane windows, a lush courtyard, on-site laundry and nine private garages (prime ADU/play) keep tenants happy while delivering scheduled gross rent of $286,860/yr, a 10.44 GRM and 6.67 % cap at full occupancy with more upside as legacy rents burn off ($5.39 Actual Cap Rate FY2024). Major systems are in great shape, OPEX is lean (~$87K/yr), and zoning + lot depth invite densification or future redevelopment. Irreplaceable Mid-Wilshire location steps to LACMA, The Grove and Museum Row, and two new Purple-Line Metro stations (.9 & 1.1mi) land next year, super-charging demand and appreciation. At $249K/door this asset checks every box: cash flow, value-add levers and transit-oriented growth in one of LA's most sought-after rental corridors.
Location
State CA
County Los Angeles
Area C19 - Beverly Center-Miracle Mile
Zoning LAR3
Interior
Flooring Wood
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 9.0
Garage Description 9.0
Community Features Gated
Total Parking Spaces 9
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5085005010
Security Features Gated Community
Special Listing Condition Standard
Listed by James Respondek • Rodeo Realty - Pacific Palisades
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Alora Flucard
REALTOR® | Lic# 02172642