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$ 10,380,000
Est. payment | /mo
54 Beds
54 Baths
36,012 SqFt
$ 10,380,000
Est. payment | /mo
54 Beds
54 Baths
36,012 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 36,012 sqft
Price per Sqft $288
MLS Listing ID 25548411
Bedrooms 54
HOA Y/N No
Year Built 1971
Lot Size 0.551 Acres
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 residents to commute throughout the city to nearby neighborhoods such as Downtown LA, East Hollywood, Hollywood, Westlake, and Mid-City, among others. Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1 billion invested in the development of Koreatown since the early 2000s and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles.
Location
State CA
County Los Angeles
Area C17 - Mid-Wilshire
Zoning LAR3
Interior
Heating None
Cooling None
Fireplace No
Exterior
Parking Features Underground, Gated
Total Parking Spaces 57
Building
Story 3
Entry Level Three Or More
Level or Stories Three Or More
New Construction No
Others
Senior Community No
Tax ID 5518012036
Special Listing Condition Standard
Listed by Neema Ahadian • Marcus & Millichap
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Connie Coughlin
REALTOR® | Lic# 01415359