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$10,380,000
Est. payment /mo
36,012 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 36,012 sqft
Price per Sqft $288
MLS Listing ID CL25548411
HOA Y/N No
Year Built 1971
Lot Size 0.551 Acres
Acres 0.55
Property Sub-Type Other
Property Description
We are pleased to present The Orleans Apartments, a 54-unit investment opportunity in prime Koreatown just east of Normandie Ave and south of Beverly Blvd. The subject property features an ideal unit mix of 54 one-bedrooms with 57 subterranean parking spaces; five units will be delivered vacant at the close of escrow. This is a value-add opportunity with 40% rental upside achievable as units turn; units are well-maintained but can be enhanced to capture premium rents with a renovation program including luxury vinyl plank flooring, stainless steel appliances, custom cabinetry and countertops, smoothed ceilings and light fixtures, and HVAC; exterior upgrades could include paint and common area upgrades; third floor units have balconies and all appliances are electric. At the asking price, the property is being offered at $288 PSF and $192,222 per unit. There are two laundry rooms on the third and fourth floors, each with three washers and three dryers leased with Wash. Rare opportunity to acquire a sizeable asset with substantial upside located in one of the strongest rental submarkets in all of Los Angeles with continued rent growth year-over-year. High Walk Score of 87, close proximity to schools, employment, and transit options, this central location makes it convenient for resi
Location
State CA
County Los Angeles
Zoning LAR3
Interior
Heating None
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 5518012036
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Listed by Neema Ahadian • Marcus & Millichap
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