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6439 Orange Street

Los Angeles (City), CA 90048
  • $3,250,000
  • STATUS: Active
  • ON SITE: 23 Days
  • ID#: SB22158396
UPDATED: 215 min ago
$3,250,000
  • 0
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
Built:
1929
County:

School Ratings & Info

Listing Agent(s): Martin Ensbury of Keller Williams Beach Cities (310-939-9300) and Nicholas Ensbury of Keller Williams Beach Cities()


Description

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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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-12T00:29:53.897. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Cane Real Estate | Keller Williams La Jolla. Licensed in the State of California, USA.
www.canerealestate.com/homes/131042882
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6439 Orange Street Los Angeles (City), CA 90048

  • Price: $3,250,000
  • Status: Active
  • On Site: 23 Days
  • Updated: 215 min ago
  • ID#: SB22158396
0
Beds
0
Baths
0
½ Baths
0.14
Acres
1929
Built
Neighborhood:
C19 - Beverly Center-Miracle Mile
County:
Los Angeles
Area:
C19 - Beverly Center-Miracle Mile
Property Description
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.
Exterior Features

Lot Features 11-15 Units/Acre Number Of Separate Electric Meters 1 Parking Features None Parking Total 0 Pool Features None Pool Private YN No Property Attached YN No

Interior Features

Common Walls No Common Walls

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Common Interest None Community Features Street LightsSidewalksUrban Electric Expense 5173 Fuel Expense 3321 Garage YN No Gross Income 228012 Gross Scheduled Income 228012 Insurance Expense 5532 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To Existing LoanCash To New Loan1031 Exchange Net Operating Income 140242 New Construction YN No Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Number Of Units Leased 11 Operating Expense 80929 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 2121 Vacancy Allowance Rate 3 Water Sewer Expense 5480 Water Source Public Zoning Lar3



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-08-12T00:29:53.897. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Cane Real Estate | Keller Williams La Jolla. Licensed in the State of California, USA.
 
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Cane Real Estate | Keller Williams La Jolla
7817 Ivanhoe Avenue #101
La Jolla CA, 92037
Listing Agent(s): Martin Ensbury of Keller Williams Beach Cities (310-939-9300) and Nicholas Ensbury of Keller Williams Beach Cities()