35
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$2,995,000
Est. payment /mo
9,206 SqFt
Pending
1128 Masselin Avenue Los Angeles, CA 90019
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Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 9,206 sqft
Price per Sqft $325
MLS Listing ID CL25529795
HOA Y/N No
Year Built 1948
Lot Size 0.287 Acres
Acres 0.29
Property Sub-Type Other
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
Zoning LAR3
Interior
Flooring Wood
Fireplace No
Building
New Construction No
Others
Tax ID 5085005010
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Listed by James Respondek • Rodeo Realty - Pacific Palisades
A FEW WORDS FROM PAST CLIENTS
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Mike & Jules Guzzardo Team With Jenny Biczkow
Realtor | r01066846,01955798,02086289