1629 N Formosa Ave Los Angeles, CA 90046 Active

UPDATED: 10/21/2026 07:06 AM ON MARKET: 10 days on market

$2,895,000

11 Beds9 Baths7,210 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 7,210 sqft

Price per Sqft $401

MLS Listing ID 26101863

Bedrooms 11

Year Built 1960

Lot Size 7,029 Sqft

Acres 0.1614

Property Sub-Type Multi-Family

Property Description

We are pleased to exclusively present The Casitas at Formosa, the exceptional opportunity to acquire a very well located and immaculately kept 9-unit multifamily property north of Sunset Boulevard in the heart of Hollywood's most sought after area, close to Runyon Canyon and The Hollywood Bowl. This beautifully maintained Mid-Century building features a desirable unit mix of seven one-bedroom/one-bath units and two two-bedroom/one-bath units, with approximately 7,250 square feet of building area on an approximately 7,027-square-foot lot. Perfectly situated West of La Brea and just south of Hollywood Boulevard, The Casitas at Formosa offers seven of the nine remodeled units, including a two-bedroom unit can be delivered vacant at closing, offering flexibility for an owner-user or investor seeking to establish market rent. The seismic retrofit has been completed, and the property features ample parking, bright and spacious units, and separately metered utilities.The investment offers $236,628 in current scheduled annual rental income and $156,755 in annual net operating income, reflecting a 5.4% current capitalization rate at the asking price. Based on projected market rents, scheduled annual rental income increases to $260,400, with estimated annual net operating income of $174,606 and a 6% market cap rate. Current scheduled monthly rents total $19,719, compared with projected market rents of $21,700 per month, presenting an opportunity for additional income growth, while confirming an excellent in-place income stream. Residents of The Casitas at Formosa enjoy outstanding Hollywood location with a 96 Walk Score and convenient access to an array of restaurants, shopping, entertainment, and neighborhood amenities. Residents can walk to popular local destinations including Bossa Nova, El Compadre, Guitar Center, and numerous additional dining and retail options. The property is also conveniently located near Yamashiro, the Hollywood Bowl, and the vibrant Sunset Boulevard and Hollywood Boulevard corridors. With seven remodeled units, completed seismic retrofit work, a two-bedroom unit available for vacant delivery at closing, and attractive current and projected operating figures, this property presents a compelling opportunity to acquire a 9 unit multifamily asset in one of Los Angeles' most recognizable and in-demand rental markets.

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Based on information from the Association of REALTORS®/Multiple Listing as of 10/23/2026 20:00. 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.

Based on information from California Regional Multiply Listing Service, Inc. as of 2026 and/or other resource. 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 of 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. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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