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$3,250,000
30 Days Online

6439 Orange Street
Los Angeles, CA 90048

For Sale|Multi-Family|Active
County:
Los Angeles

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6439  Orange Street6439  Orange Street6439  Orange Street6439  Orange Street
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This is a great value add opportunity in the very desirable Beverly Grove area of Los Angeles. The property is located at 6439 Orange St., Los Angeles 90048 and is situated one block north of Wilshire Blvd., one block east of San Vicente Blvd., and 2 blocks west of Fairfax Ave. The property is located only a few blocks from Cedars-Sinai Hospital, The Grove, Park La Brea, Los Angeles County Museum of Art and La Brea Tar Pits & Museum. The property, built in 1929, is a beautiful art deco masterpiece with a quaint lobby and old-world charm! 11 of the 12 units are large and airy studios that reflect the majesty of the exterior. Unit #1 was recently converted to a 1 Bd/1 Ba unit, and the new owner may have the ability to continue to convert units as they become vacant to maximize rents. The studio units feature a large living room and kitchen, a large walk-in closet with built in chest of drawers and a built-in make-up counter with drawers and built-in mirror. Each bathroom has a combo bathtub and shower. The current owner has rehabbed 5 of the 12 units in the last year and a half. The units are master metered for gas and electricity. The property features a large, shaded patio at the rear of the property for the exclusive use by the tenants. There is an on-site laundry facility in the basement. Even with 5 units rehabbed, there is approximately 22% of rent upside in the rents. A new owner can significantly increase the value of this asset by remodeling the remaining units and bringing rents to market as they become vacant. Studios are the best unit type in a rent-controlled market because they have the highest turnover rate, which allows the owner to keep rents as close to market as possible. Given where interest rates have gone over the past several months, the assumable First Foundation Bank loan is very attractive. The $1,690,000 loan is fixed at 3.25% for approximately 3.66 more years, and there are approximately 20 months remaining in the interest-only period, which will allow the new owner to enjoy immediate cash flow.

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Listing Snapshot
Price 
$3,250,000
Days Online 
30 Days
Bedrooms 
N/A
Inside Area (SqFt) 
N/A
Total Baths 
N/A
Full Baths 
N/A
Partial Baths 
N/A
Lot Size 
0.1435 Acres
Year Built 
N/A
MLS Number 
SB22158396
Status 
Active
Property Tax 
N/A
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
N/A
Friends & Family
Recent Activity
3 weeks agoListing updated with changes from the MLS
4 weeks agoStatus changed to ACTIVE
4 weeks agoPrice changed to $3,250,000
4 weeks agoListing first seen online
General Features
Terms 
CashExchange
Stories 
2 Story
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Exterior Features
Pool 
N/K
Listing courtesy of Keller Williams Beach Cities

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS®. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Copyright © 2022 San Diego MLS®.

Data last update at 2022

Neighborhood & Commute
Source: Walkscore
Community information and market data Powered by ATTOM Data Solutions. Copyright ©2019 ATTOM Data Solutions. Information is deemed reliable but not guaranteed.
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