1239 & 1243 S La Cienega Blvd — Glaser Group | Los Angeles Multifamily Real Estate Broker

20 Units w/ Billboard in Pico Robertson

Sold: $4,425,000

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Property Highlights

20 units built in 1950 across two separate mirrored lots
Updated electric breakers, gutters, copper plumbing, and a recently replaced water on 1243
Both buildings have been bolted and braced
1243 has a brand new roof, 1239’s in good condition per Seller
Unit mix consists of (16) 1BR/1BA + (4) Studios
Below market rents provide ~30% potential upside
Basements of each building configured for laundry rooms that are not being utilized
No on-site management required
(12) parking spaces in the ally of the property
Billboard and natural resources bring in an additional source of income to ownership
Previously listed by another broker for over a year; within 10 days on the market, received 8 competitive offers and secured an all-cash buyer within 4% of the asking price
Sellers were longtime owners who inherited the asset and plan to complete a tax-deferred exchange into a passive Delaware Statutory Trust (DST)

The Deal Story

The Glaser Group is proud to announce the successful closing of 1239 & 1243 S La Cienega Blvd, a 20-unit multifamily portfolio located in the highly sought-after Pico-Robertson neighborhood of Los Angeles, CA.

Previously listed by another broker for over a year, our team re-listed the property and quickly generated strong investor interest. Within just 10 days on the market, we received 8 competitive offers and secured an all-cash buyer within 4% of the asking price. The buyers are experienced local investors expanding their multifamily footprint in Pico-Robertson, while the sellers were longtime owners who inherited the asset and plan to complete a tax-deferred exchange into a passive Delaware Statutory Trust (DST).

The offering included two mirrored buildings totaling 20 units across two separate parcels, featuring a unit mix of (16) one-bedroom, one-bath units and (4) studios. With LAC2 zoning, the site presents long-term potential for redevelopment or mixed-use conversion in a dense Westside corridor.

The property benefited from significant capital improvements, including updated electric panels, copper plumbing, braced and bolted foundations, and a new roof at 1243 S La Cienega (with 1239’s roof in good condition per Seller). Additional billboard income and natural resource rights provided a unique income stream to ownership.

At closing, the asset offered a going-in Cap Rate of 5.59% and an 11.25 GRM, supported by below-market rents with rental upside. The portfolio also includes (12) alley parking spaces and basements in each building configured for future laundry facilities, offering further value-add potential.

Located just minutes from Beverly Hills, West Hollywood, and Culver City, the property enjoys close proximity to major employers, transit including the new D Line Metro extension and retail destinations. With no on-site management required, the asset offered a straightforward, low-maintenance opportunity for the buyer.

The Glaser Group successfully navigated a competitive process and achieved a favorable outcome for both parties.

If you’re considering a sale or would like a valuation, contact Jake Glaser or Spencer Chan at (310) 259-2181.