6439 Orange Street Los Angeles, CA 90048
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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.
|3 weeks ago||Listing updated with changes from the MLS|
|4 weeks ago||Status changed to ACTIVE|
|4 weeks ago||Price changed to $3,250,000|
|4 weeks ago||Listing first seen online|
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