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    1411 Orchard Ave

    Los Angeles, CA 90006
    • $1,900,000
    • STATUS: Active
    • ON SITE: 18 Days
    • ID#: 21-792424
    UPDATED: 58 min ago
    $1,900,000
    • 9
      BEDS
    • 0.15
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 4,337
      SQFT
    • $438
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1924
    County:

    School Ratings & Info

    Description

    We are proud to present this 6-unit multifamily investment asset at 1411 Orchard Ave, also known as 1410 S Westmoreland Ave, in the continually emerging pocket of Pico Union, which is located just to the West of Downtown LA and to the south of Koreatown. As it currently stands, the property consists of (1) Studio unit, (2) 1 Bed / 1 Bath units, (2) 3 Bed / 1 Bath units, and (1) 2 Bed/ 1 Bath detached house behind the main structure. Three of the six units have been fully renovated in the last 6 months, and the property has two current vacancies. The buyer can choose to keep those units vacant for the close of escrow, or they can be leased up during escrow depending on the buyer's investment strategy.The fully renovated units boast beautiful laminate wood floors, stainless steel appliances, new windows, new wall A/C and heating units, and new bathroom vanities which will generate top rents for this area. Within close proximity to both Interstate 10, and the 101 Freeways, tenants residing here will be able to easily access Hollywood, Downtown LA, and Beach Cities with ease, allowing them to regularly enjoy all the entertainment this vibrant city has to offer.The property will also be delivered with RTI plans to convert the detached garages into (2) detached 1 Bed ADUs. Not only will this generate increased rental income for the investor, but will increase the total value to an estimated $2,400,000. Another way an investor can create value is to install coin laundry on the side yard, for which plumbing was installed during renovations, and by charging tenants for parking in addition and separate from their lease. With the right strategy and execution, a new investor could add even more value to this well positioned asset thats already undergone significant recent upgrades.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-10-25T08:42:20.653. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.theparsonsrealestateteam.com/homes/122146849
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    1411 Orchard Ave Los Angeles, CA 90006

    • Price: $1,900,000
    • Status: Active
    • Updated: 58 min ago
    • ID#: 21-792424
    9
    Beds
    0
    Baths
    0
    ½ Baths
    0.15
    Acres
    4,337
    SQFT
    $438
    $/SQFT
    1924
    Built
    Neighborhood:
    Mid Los Angeles
    County:
    Los Angeles
    Area:
    Mid Los Angeles
    Property Description
    We are proud to present this 6-unit multifamily investment asset at 1411 Orchard Ave, also known as 1410 S Westmoreland Ave, in the continually emerging pocket of Pico Union, which is located just to the West of Downtown LA and to the south of Koreatown. As it currently stands, the property consists of (1) Studio unit, (2) 1 Bed / 1 Bath units, (2) 3 Bed / 1 Bath units, and (1) 2 Bed/ 1 Bath detached house behind the main structure. Three of the six units have been fully renovated in the last 6 months, and the property has two current vacancies. The buyer can choose to keep those units vacant for the close of escrow, or they can be leased up during escrow depending on the buyer's investment strategy.The fully renovated units boast beautiful laminate wood floors, stainless steel appliances, new windows, new wall A/C and heating units, and new bathroom vanities which will generate top rents for this area. Within close proximity to both Interstate 10, and the 101 Freeways, tenants residing here will be able to easily access Hollywood, Downtown LA, and Beach Cities with ease, allowing them to regularly enjoy all the entertainment this vibrant city has to offer.The property will also be delivered with RTI plans to convert the detached garages into (2) detached 1 Bed ADUs. Not only will this generate increased rental income for the investor, but will increase the total value to an estimated $2,400,000. Another way an investor can create value is to install coin laundry on the side yard, for which plumbing was installed during renovations, and by charging tenants for parking in addition and separate from their lease. With the right strategy and execution, a new investor could add even more value to this well positioned asset thats already undergone significant recent upgrades.
    Exterior Features

    Lot Size Area 6551 Other Structures None Parking Garage Other Total Parking 0

    Interior Features

    Baths Total 6.00 Cooling Other Equipment Other Heating Other

    Property Features

    Assessed Total Value 401250 Gross Income 131376 Gross Operating Income 127435 Like Units1 1 Like Units2 2 Like Units3 1 Like Units4 2 Net Operating Income 80878.00 Number Of Buildings 1 Number Of Units 6 Sale Type Standard Source Living Area Assessor Source Lot Size Area Assessor Total Annual Expense 46556 Type Of Units Market Year Built Source Vendor Enhanced Zoning Lard1.5

    Listing provided courtesy of Filip Niculete DRE#01905352 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-10-25T08:42:20.653. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    The Parsons Team | Keller Williams Realty
    251 S. Lake Ave #150
    Pasadena CA, 91101