We are proud to present Villa Formosa, located at 1234 North Formosa Avenue. Villa Formosa is a stunning Spanish revival multifamily investment property located in the highly coveted City of West Hollywood. This rare investment opportunity represents a turnkey and high income generating property with roughly ±23% rental upside potential. In 2016, Villa Formosa underwent a substantial renovation that amounted to a roughly $1.5 million dollar floor to ceiling rebuild. Ownership replaced every major system, including main sewer line, plumbing, electrical, framing, flooring, and roof. The apartment building totals ±10,080 square feet and offers 16 large, light, and bright spacious units in one two-story building comprise of: (4) Studios + One-Bath (12) One-Bedroom + One-Bath The property is situated on a ±6,907 square foot lot zoned WDR3C and originally constructed in 1927-1931. All but one unit are completely reframed and rebuilt with a convenient and open floor-plan. Unit amenities include fully redesigned kitchens and baths with the utmost attention to detail, large arched windows and exposed brick in select units, wood floors throughout and split-unit central AC and heat. Aesthetically, the property grounds and building are pristine, offering residents a comfortable living experience. West Hollywood, California is a robust economic and cultural center and is centrally located near Hollywood Hills, Beverly Hills, and the districts of Fairfax and Beverly Grove. WeHo is a densely populated and high demand rental market comprise of small lots, mixed land use, and walkable street grids. It is ranked as one of the most walkable cities in all of California. Main sources of business and social activities in WeHo are driven by shopping, dining, nightlife, and entertainment. PROPERTY HIGHLIGHTS: + Rebuilt and fully renovated in 2016 at a cost of roughly $1.5 million + All major building systems are new circa 2016 + High income producing turnkey asset with roughly ±23% rental upside potential + Units completely reframed and rebuilt with a convenient and open floor-plan + Attractive financing available + Located in the heart of West Hollywood, California + Diverse unit mix of (4) studios + one-bath & (12) one-bedroom + one-bath + Select units feature exposed brick and split-unit central AC & heat + Located near some of the hottest nightlife and restaurants in all of Los Angeles
Listing Agent: Raymond Rodriguez 01402283 Courtesy of: Keller Williams Realty Calabasas "All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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Updated: 15th August, 2022 1:17 AM (UTC)