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… Read More 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. Read Less
Courtesy of Marcus & Millichap 310-909-5500
Listing Snapshot
Days Online
28
Last Updated
Property Type
Other
Beds
54
Square Ft.
36,012
Lot Size
0.55 Acres
Year Built
1971
MLS Number
25548411
30 Days Snapshot Of 90004
$2.48M
+74%
(avg) sold price
6
+50%
homes sold
94
0%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
None
Building
36,012 sq ft, Built in 1971, Levels: Three Or More
Cooling
None
Disclosures
None
Garage
Subterranean, Gated, Gated Underground
Heating
None
Lot
LotAcreage: 0.551, LotSizeArea: 24,001
Parking
TotalParking: 57
Property
NumberOfUnits: 54, Zoning: LAR3
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