1643 N Formosa Ave, Los Angeles, CA 90046

8 Units in Hollywood Sold to All-Cash 1031 Exchange Buyer

Sold: $2,067,500

Property Highlights

Sold to an all-cash 1031 exchange buyer
Charming 8 unit building in Hollywood built in 1954
Sold for 5.32% cap rate and 12.34 GRM
6,019 SqFt of living space on a 0.16 Acre lot
Zoned LAR3, multifamily residential
Strong unit mix with (6) 1+1 and (2) 2+1 units
Property to be delivered with 2 vacancies
Gated & secured driveway with digital keypad
(6) covered carport parking spaces in back of lot with strong ADU potential
Prime Hollywood location just south of Hollywood Blvd, adjacent to West Hollywood
Seller plans to 1031 exchange proceeds into NNN investments out-of-state

The Deal Story

The Glaser Group is proud to announce the successful closing of this charming 8-unit apartment building in the heart of Hollywood, just south of Hollywood Blvd and adjacent to West Hollywood. This marks another strong sale in one of LA’s most desirable rental markets. This marks our 11th closing of the year and another strong sale in one of LA’s most desirable rental markets.

After nearly 25 years under the same ownership, the property hit the market for the first time and received immediate attention with 5 offers in the first 2 weeks. Comprised of (6) 1-bed/1-bath units and (2) 2-bed/1-bath units, the asset was delivered with two vacancies—one of which had been fully remodeled offering excellent rental upside for the buyer. The property ultimately sold for a 5.32% cap rate and 12.34 GRM.

The property was sold to a strong, all-cash 1031 exchange buyer. Our client also plans to 1031 exchange their proceeds into passive, out-of-state triple-net retail investments.

If you're interested in a similar sale or 1031 exchange, contact us at 310-230-5157 or by email. We’re here to help you with your multifamily real estate goals.