A 7-Unit Value Add in Carthay Square 1217 S Orange Grove Ave
7 Unit Apartment Building $2,400,000 ($342,857/Unit) 4.79% Cap Rate Los Angeles, CA 90019
Investment Highlights
- Two Units Will be Delivered Vacant Allowing for Immediate Interior Renovations
- Minutes from the Grove, the Farmer’s Market and The Beverly Center - Allowing Easy Access to Premium Shopping & Entertainment
- Long Term Ownership, Family Owned and Operated – First Time on the Market in Over 12 Years
- Surrounded by Multi-Million Dollar Homes in Some the Most Distinct Neighborhoods, Including: Carthay Square, South Carthay, and Beverly Grove
- Potential to Convert Tuck-Under Parking into an ADU Under the State's Favorable Program, Offering Future Growth Potential – Buyer to Verify
- WALK SCORE OF 90 ("WALKER’S PARADISE") – Daily Errands Don’t Require a Car, with Convenient Access to Major Employment Centers Throughout Los Angeles
Executive Summary
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.
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.
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Property Facts
Price | $2,400,000 |
Price Per Unit | $342,857 |
Sale Type | Investment |
Cap Rate | 4.79% |
Gross Rent Multiplier | 13.44 |
No. Units | 7 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.16 AC |
Building Size | 5,983 SF |
No. Stories | 2 |
Year Built | 1959 |
Parking Ratio | 1.67/1,000 SF |
Site Amenities
- Laundry Facilities
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
Studios | 1 | - | 500 |
1+1 | 3 | - | 700 |
2+1 | 1 | - | 900 |
2+2 | 2 | - | 1,000 |
1 of 1
Walk Score®
Walker's Paradise (90)
PROPERTY TAXES
Parcel Number | 5086-005-009 | Improvements Assessment | $679,265 |
Land Assessment | $971,767 | Total Assessment | $1,651,032 |
zoning
Zoning Code | R3, Los Angeles |