West Hollywood 16-Unit Closes at $1M Under Ask
Tony Azzi posted this as a 3.15% Cap Trade. Lets Dig In.
At a glance
closed Aug 24, 2026
$1M above close
8 × 1BD · 8 × 2BD
per door
19,680 gross SF
at close, confirmed
at close, confirmed
implied at close
RSO · WeHo RSO
0.19 acres · R4 zoning
2 stalls per door
MLT Properties / MLT XV LLC
What matters
- I'm looking at $241/SF.$4.75M on August 24, 2026. 16 units, 4-story -1964 vintage. $296,875/door, $241/SF. 3.15% cap at close, 12.47 GRM. Seller was MLT Properties (MLT XV LLC), in for roughly 12.5 years.
- Cap Rate. Advertise at At a 3.15% cap the buyer with a lot of upside. My math is showing that a 12.5 GRM if well managed is closer to a 4.5 to 4.75 Cap although I don't have all the expenses.
- RSO. 1964 vintage in West Hollywood. (West Hollywood has its own rent stabilization ordinance, stricter). Covered parking listed at 32 stalls for 16 units, which is two stalls per door.
- 12.47 GRM. I don't like looking at the cap rate that is advertised. I'd rather look at properties based on GRM.
The Location
Horn Avenue sits just north of Santa Monica Boulevard in West Hollywood, roughly four blocks east of Sunset Strip.
Median household income of $114,758, 29,139 residents, and 31,825 daytime employees.
The Setup
The unit mix is even: 8 one-bedrooms averaging 850 SF and 8 two-bedrooms averaging 1,250 SF, for a average of 1,050 SF per unit.
Gross building area is 19,680 SF.
Covered parking is 32 stalls, two per door.
What an Operator Sees
I'm tracking this one, not liking it. $296,875 a door and a 3.15% cap at close is the number from Azzi Group on 16 units built in 1964.
The seller, MLT Properties, held it about 12.5 years, asked $5,750,000, and took a $1,000,000 haircut over 68 days on market. The Cost Per SF is excellent although the 12.5 GRM seems steep to me unless he has a plan to turn these units fast.
My numbers show that a good operator should be running this at a 4.5-4.75% Cap.
I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.
Know one other LA owner who'd want this deal? Forward this — reply with their email and I'll add them.
Property and transaction data: CoStar Research.
Write to David Safai at David@AtlasBrief.La
Appeared in the Sept. 6, 2026 edition of The Tape.