The Sunset Formosa, a 36-unit apartment in Hollywood, sold for $12.4 million, Stepp Commercial announced March 19.

Stepp Commercial’s Darin Beebower represented the buyer and the seller. Both are local private investors.

Beebower said the building’s curb appeal and location made it an appealing property.

“Sunset Formosa offers the buyer 18 percent rental upside based on current market rates and is not subject to rent control,” Beebower said in a statement.

The Sunset Formosa, at 1522 N. Formosa Ave., has 18 studios, 15 one-bedrooms and three two-bedroom units.

Commercial real estate reporter Hannah Madans can be reached at [email protected]. Follow her on Twitter @HannahMadans