1217 S Orange Grove Ave - Apartments FOR SALE


Los Angeles, CA 90019- Miracle Mile
$2,400,000 USD
213-943-1897
1217 S Orange Grove Ave, Los Angeles, CA for Sale
$2,400,000 USD
Apartments - FOR SALE
1/6
null | 4.79% Cap Rate

1217 S Orange Grove Ave
Los Angeles, CA 90019
Miracle Mile


HIGHLIGHTS

  • Two Units Will be Delivered Vacant Allowing for Immediate Interior Renovations
  • Surrounded by Multi-Million Dollar Homes in Some the Most Distinct Neighborhoods, Including: Carthay Square, South Carthay, and Beverly Grove
  • Minutes from the Grove, the Farmer’s Market and The Beverly Center - Allowing Easy Access to Premium Shopping & Entertainment
  • Potential to Convert Tuck-Under Parking into an ADU Under the State's Favorable Program, Offering Future Growth Potential – Buyer to Verify
  • Long Term Ownership, Family Owned and Operated – First Time on the Market in Over 12 Years
  • WALK SCORE OF 90 ("WALKER’S PARADISE") – Daily Errands Don’t Require a Car, with Convenient Access to Major Employment Centers Throughout Los Angeles

OVERVIEW

PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS. The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale 1217 South Orange Grove Avenue, a seven-unit apartment community located in Carthay Square. The subject property is situated just south of Olympic Boulevard and East of Fairfax Avenue within the Miracle Mile submarket - a highly desirable pocket of Los Angeles. Situated on a 7,115 square foot parcel, the property consists of one bachelor unit, three one-bedroom units and three two-bedroom units. Two of the units will be delivered vacant allowing new ownership to immediately renovate and achieve market rental rates. The property has 28% remaining rental upside through unit renovations. The surrounding area, combined with the value-add potential for a new owner to renovate the remaining units and achieve enhanced future returns, makes 1217 South Orange Grove Avenue a compelling acquisition opportunity.

FOR SALE DETAILS

PRICE

$2,400,000 USD

PRICE/SF

$401 USD /SF

# OF UNITS

7

PRICE/UNIT

$342,857

CAP RATE

4.79%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

A 7-Unit Value Add in Carthay Square

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1959

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

7,115 SF

ZONING

R3, Los Angeles

APN/PARCEL ID

5086-005-009

ASK ABOUT THIS PROPERTY

Sean RosenzweigMarcus & MillichapMore Info
213-943-1897

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Sean RosenzweigMarcus & MillichapMore Info
213-943-1897

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