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$2,200,000
Est. payment /mo
6,213 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Pending
Purchase Type For Sale
Square Footage 6,213 sqft
Price per Sqft $354
MLS Listing ID CL25546199
HOA Y/N No
Year Built 1926
Lot Size 7,432 Sqft
Acres 0.17
Property Sub-Type Other
Property Description
Offered for sale on the open market for the first time in over 60 years, 8686 West Olympic presents a rare opportunity for investors to reposition a well-maintained asset in one of Los Angeles' most supply-constrained and desirable rental markets. Current ownership has maintained the building over the years, making selective upgrades as needed, but much of the property remains in original condition giving the next owner a clear path to unlock significant value through targeted interior and exterior renovations. With a ~22% loss-to-lease on in-place rents, new ownership can capitalize on substantial upside by aligning units with the luxury expectations of a tenant base drawn to the property's proximity to Beverly Hills. The surrounding submarket is dominated by vintage, unrenovated character buildings, creating a unique opportunity to deliver a boutique product that stands out in the local rental landscape. Originally constructed in 1926, the property sits on a 7,430 SF corner lot and consists of two separate two-story walk up structures with a total of 7 (seven) on-site parking spaces. The unit mix includes one (1) Single and seven (7) 1-bedroom, 1-bath units. The building offers excellent frontage on Olympic Boulevard, lush landscaping, and underutilized common areas that could
Location
State CA
County Los Angeles
Zoning LAR3
Interior
Heating Wall Furnace
Fireplace No
Building
New Construction No
Others
Tax ID 4332020001
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Listed by Elliot Hassan • NorthMarq Realty Services, Inc.
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