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The Empire 1216 N La Cienega Blvd
14 Unit Apartment Building $10,995,000 ($785,357/Unit) 4.21% Cap Rate West Hollywood, CA 90069
Investment Highlights
- Historical Mills Act Property
- No ULA
- Special Architectural
- Prime West Hollywood Location
Executive Summary
Introducing an exceptional investment opportunity: Empire Residences, a testament to vintage architectural splendor situated in the heart of West Hollywood's prestigious Courtyard Thematic District. Built in 1928 by renowned architect William Hauptman, this historic property boasts 14 units spread across two floors, offering one Executive Studio, 9 one-bedroom and 4 one-bedroom plus den floor plans ranging from 1,000 to 1,300 square feet. Steeped in rich history, Empire Residences embodies Hauptman's homage to Japanese-style architecture, paying tribute to the Emperor of Japan with its highly stylized pagoda-like structure. Original design elements such as decorative banding, corbels, and metal cresting adorn the exterior, while peaked and undulating gables, wood window grilles, and wood-frame large picture windows with arched headers capture the essence of a bygone era. Wood balconies, panel doors with hammered doorknobs, hand-finished plaster walls, antique lanterns, and decorative Japanese metal relief insets further enhance the property's allure. Nestled amidst lush greenery, Empire Residences offers a tranquil retreat from the hustle and bustle of Los Angeles, yet remains conveniently located just moments away from the vibrant segment of the Sunset Strip. The interiors seamlessly blend historic charm with modern convenience, with many units fully updated to include their own washer/dryer, beautiful new hardwood floors, high ceilings, stainless steel appliances, and a comprehensive security system. Moreover, seize the opportunity to maximize income potential with three units currently paying significantly below market value. With secured underground parking adding to the property's appeal, investors will appreciate the potential for increased revenue streams. Notably, Empire Residences benefit from its designation as a Historical Property, qualifying for the Mills Act and offering a substantial reduction in property taxes. No ULA as well. Don't miss out on the chance to own this magnificent income property in prime West Hollywood. Embrace the prestige and profitability of Empire Residences, where timeless charm meets lucrative investment potential.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $581,516 | $33.65 |
Other Income | - | - |
Vacancy Loss | - | - |
Effective Gross Income | $581,516 | $33.65 |
Taxes | - | - |
Operating Expenses | - | - |
Total Expenses | $118,970 | $6.88 |
Net Operating Income | $462,546 | $26.76 |
Financial Summary (Actual - 2023)
Gross Rental Income | |
---|---|
Annual | $581,516 |
Annual Per SF | $33.65 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | - |
Annual Per SF | - |
Effective Gross Income | |
---|---|
Annual | $581,516 |
Annual Per SF | $33.65 |
Taxes | |
---|---|
Annual | - |
Annual Per SF | - |
Operating Expenses | |
---|---|
Annual | - |
Annual Per SF | - |
Total Expenses | |
---|---|
Annual | $118,970 |
Annual Per SF | $6.88 |
Net Operating Income | |
---|---|
Annual | $462,546 |
Annual Per SF | $26.76 |
Property Facts
Price | $10,995,000 | Apartment Style | Low Rise |
Price Per Unit | $785,357 | Building Class | C |
Sale Type | Investment | Lot Size | 0.35 AC |
Cap Rate | 4.21% | Building Size | 17,282 SF |
Gross Rent Multiplier | 18.91 | Average Occupancy | 100% |
No. Units | 14 | No. Stories | 3 |
Property Type | Multifamily | Year Built | 1929 |
Property Subtype | Apartment | Parking Ratio | 0.98/1,000 SF |
Price | $10,995,000 |
Price Per Unit | $785,357 |
Sale Type | Investment |
Cap Rate | 4.21% |
Gross Rent Multiplier | 18.91 |
No. Units | 14 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.35 AC |
Building Size | 17,282 SF |
Average Occupancy | 100% |
No. Stories | 3 |
Year Built | 1929 |
Parking Ratio | 0.98/1,000 SF |
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Security System
- Hardwood Floors
- Refrigerator
- Range
- Views
- Walk-In Closets
Site Amenities
- Controlled Access
- Security System
- Gated
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
Studios | 1 | $1,226 | - |
1+1 | 13 | $3,782 | - |
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Walk Score ®
Very Walkable (88)
PROPERTY TAXES
Parcel Number | 5555-002-013 | Improvements Assessment | $2,301,000 (2024) |
Land Assessment | $1,534,000 (2024) | Total Assessment | $3,835,000 (2024) |
PROPERTY TAXES
Parcel Number
5555-002-013
Land Assessment
$1,534,000 (2024)
Improvements Assessment
$2,301,000 (2024)
Total Assessment
$3,835,000 (2024)
zoning
Zoning Code | R4, West Hollywood (HPOZ Historical Property) |
R4, West Hollywood (HPOZ Historical Property) |
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The Empire | 1216 N La Cienega Blvd
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