LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $12.4 million sale of Sunset Formosa, a 36-unit apartment property located at 1522 N. Formosa Avenue in the Hollywood submarket of Los Angeles.
Executive Vice President Darin Beebower of Stepp Commercial represented both the seller and the buyer who are both Los Angeles-based private investors. The property sold for approximately $500 per square foot, and at a cap rate of 4.1 percent.
“Sunset Formosa offers the buyer 18 percent rental upside based on current market rates and is not subject to rent control,” said Beebower. “With its attractive curb appeal and outstanding Hollywood location it was an excellent addition to the buyer’s existing apartment portfolio.”
Situated just one block from both Hollywood and Sunset Boulevards, the property is in the heart of one of the most desirable submarkets in Los Angeles and includes 18 studios, 15 one-bedroom units and three two-bedroom units. Additionally, it includes 53 parking spaces, a large courtyard, elevator, secure intercom system, on-site laundry and excellent views. The property also recently underwent approximately $550,000 in interior and exterior improvements.
Sunset Formosa is near an abundance of shopping centers and boutique retail shops including the Hollywood & Highland center and West Hollywood Gateway as well as employment and educational centers. Residents benefit from their proximity to public transit including multiple bus lines, a Metro Red Line Station and the Hollywood Freeway.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property sector. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com