351 N Orange Grove Ave - Apartments FOR SALE


Los Angeles, CA 90036- Hancock Park
$2,295,000 USD
310-405-9500
351 N Orange Grove Ave, Los Angeles, CA for Sale
$2,295,000 USD
Apartments - FOR SALE
1/1
null | 3.3% Cap Rate

351 N Orange Grove Ave
Los Angeles, CA 90036
Hancock Park


OVERVIEW

We are excited to present a unique opportunity to purchase 351 N Orange Grove Ave, a fully occupied 4-unit apartment building centrally located in the highly sought-after Miracle Mile district of Los Angeles & next to West Hollywood. Constructed in the late 1920s with a Spanish architectural flair, the property offers a gross square footage of approximately 5,985 and is situated on a 6,373 sq ft lot. This property includes two spacious 2-bedroom, 1-bathroom unit downstairs, and two large 2-bedroom, 1-bathroom units upstairs, each approximately 1,500 sq ft. A key highlight is the full potential of the property for renovations enabling investors to realize the property's full income potential after their renovation is completed. The asset benefits from its designation within an HPOZ (Historic Preservation Overlay Zone), offering potential tax advantages, and also benefits from favorable R3 and TOC zoning, depending on HPOZ restrictions (buyer to verify). 351 N Orange Grove is optimally located just north of Beverly Blvd and The Grove, in the heart of Miracle Mile - an area renowned for its cultural, dining, and shopping amenities. With a Walk score of 92, the neighborhood is a veritable "walker's paradise", offering residents an array of nearby conveniences and an outstanding quality of life. It's approximately 1/2 mile from The Grove, LA's premier shopping and dining destination, featuring a mix of high-end retailers and unique boutiques, alongside world-class dining options, offering a desirable lifestyle for potential tenants. Just a block away from CBS studios. This property, with its historic charm, substantial square footage, zoning advantages, and superior location, offers an exceptional investment opportunity to maximize income potential and capital appreciation in the highly coveted Miracle Mile area. Motivated seller!

FOR SALE DETAILS

PRICE

$2,295,000 USD

PRICE/SF

$383 USD /SF

# OF UNITS

4

PRICE/UNIT

$573,750

CAP RATE

3.3%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1928

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,534 SF

ZONING

LAR3

APN/PARCEL ID

5527-037-010

ASK ABOUT THIS PROPERTY

Vangelis KorasidisColdwell Banker Global LuxuryMore Info
310-405-9500

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Vangelis KorasidisColdwell Banker Global LuxuryMore Info
310-405-9500

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.