1006 S Orange Dr - Apartments FOR SALE


Los Angeles, CA 90019- Miracle Mile
$3,695,000 USD
213-305-9026
1006 S Orange Dr, Los Angeles, CA for Sale
$3,695,000 USD
Apartments - FOR SALE
1/7
null | 5.7% Cap Rate

1006 S Orange Dr
Los Angeles, CA 90019
Miracle Mile


HIGHLIGHTS

  • Exceptional 16-Unit Multifamily Opportunity in the Highly Sought-After Miracle Mile Sub- Market.
  • The Property Features Four (4) 1-Bedroom/1-Bathroom Units, Two (2) Junior 1- Bedroom/1-Bathroom Units, and Ten (10) Studio Apartments.
  • 1006 S Orange Drive is Ideally Located in the Miracle Mile, Immediately Off Olympic and a Short Distance to Many Local Destinations.
  • 1006 S Orange Drive Offers Strong Income Metrics, Along with Further Upside.
  • Amenities Include an On-Site Laundry Room, Attractive Landscaping, and an Inviting Backyard that Helps Attract and Retain Strong Renters.
  • Located Within Minutes of World-Class Dining, Shopping, and Entertainment Venues.

OVERVIEW

1006 South Orange Drive, built in 1928, features four (4) 1- Bedroom/1-Bathroom units, two (2) Junior 1-Bedroom/1-Bathroom units, and ten (10) Studio Apartments. Investors and renters will be drawn to the attractive 1920s brick property with twin-pitched roofs, original windows, and manicured landscaping. Property amenities include an on-site laundry room, private seating area/porch on the second floor, and an inviting backyard--great for outdoor dining or dog walks. The apartment homes are individually metered for electricity and master-metered for gas and water. Current ownership has also implemented a Utility Pass-Through Program (RUBs System), keeping the owner's expenses low by passing along shared expenses to the tenants. The asset is close to world-class dining, shopping, entertainment, and nightlife in Los Angeles. It further benefits from access to business services and major employment centers throughout the city and its surrounding neighborhoods. There is a substantial rental upside based on current market rents vs. existing rents, thus representing a substantial long-term investment opportunity in an exceptional Miracle Mile location.

FOR SALE DETAILS

PRICE

$3,695,000 USD

PRICE/SF

$350 USD /SF

# OF UNITS

16

PRICE/UNIT

$230,938

CAP RATE

5.7%

% LEASED

88%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

16-Unit Multifamily Property in Miracle Mile

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1928

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.25 AC

LAND SF

10,829 SF

ZONING

R3-1, Los Angeles

APN/PARCEL ID

5084-011-020

ASK ABOUT THIS PROPERTY

Rich JohnsKW CommercialMore Info
213-305-9026

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Rich JohnsKW CommercialMore Info
213-305-9026

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.