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The Empire 1216 N La Cienega Blvd

14 Unit Apartment Building $15,585,082 CAD ($1,113,220 CAD/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.

Attachments

OM_TheEmpire

Financial Summary (Actual - 2023)

Annual (CAD) Annual Per SF (CAD)
Gross Rental Income $824,281 $47.70
Other Income - -
Vacancy Loss - -
Effective Gross Income $824,281 $47.70
Taxes - -
Operating Expenses - -
Total Expenses $168,636 $9.76
Net Operating Income $655,645 $37.94

Financial Summary (Actual - 2023)

Gross Rental Income (CAD)
Annual $824,281
Annual Per SF $47.70
Other Income (CAD)
Annual -
Annual Per SF -
Vacancy Loss (CAD)
Annual -
Annual Per SF -
Effective Gross Income (CAD)
Annual $824,281
Annual Per SF $47.70
Taxes (CAD)
Annual -
Annual Per SF -
Operating Expenses (CAD)
Annual -
Annual Per SF -
Total Expenses (CAD)
Annual $168,636
Annual Per SF $9.76
Net Operating Income (CAD)
Annual $655,645
Annual Per SF $37.94

Property Facts

Price $15,585,082 CAD
Price Per Unit $1,113,220 CAD
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 $1,738 CAD -
1+1 13 $5,361 CAD -
Walk Score ®
Very Walkable (88)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
5555-002-013
Land Assessment
$2,174,399 CAD (2024)
Improvements Assessment
$3,261,598 CAD (2024)
Total Assessment
$5,435,997 CAD (2024)

zoning

Zoning Code R4, West Hollywood (HPOZ Historical Property)
R4, West Hollywood (HPOZ Historical Property)
  • Listing ID: 32621088

  • Date on Market: 2024-07-29

  • Last Updated:

  • Address: 1216 N La Cienega Blvd, West Hollywood, CA 90069

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