Active
540 N Orlando Avenue
West Hollywood CA, 90048
$6,950,000
$463.02 per sqft
Active
28 Beds
29 Baths
15,010 sqft
Residential
Built in 1962
Listed by Neema Ahadian with Marcus & Millichap 310-909-5444
540 Orlando Avenue, an A+ West Hollywood location three blocks east of La Cienega Blvd and south of Melrose Ave; this garden-style apartment building was constructed in 1962 and totals 17 units. 540 Orlando Ave features a unit mix made up of five one-bedrooms, 11 two-bedrooms, and one three-bedroom with 18 gated parking spaces; three units will be delivered vacant at the close of escrow, including the ADU that has been built and is waiting on final inspection. Opportunity for an investor to purchase a value-add asset in a premiere location with below market rents and implement an interior renovation strategy to achieve market rents as units turn and capture over 37% rental upside. The property has been well maintained throughout the years with professional landscaping, newer windows, and a welcoming common area courtyard with seating; some of the unit interiors feature recessed lighting, wall AC's, tile floors, and updated bathrooms; further interior renovations that could enhance rents include updated kitchens and appliances, laundry in-units, and high-quality vinyl flooring. The building is separately metered for gas and electric; additionally, there is a community laundry room with two washers and two dryers. Impeccable Walk Score of 97, tenants are walking distance from high-end restaurants on Melrose Ave and La Cienega Blvd such as EP & LP, Catch LA, and Urth Caffe, among others; the property is located less than a mile from the Beverly Center and Cedars Sinai Medical Center and one and a half miles from The Grove community known for being highly walkable, providing an array of amenities within a half-mile radius, the property has a walk score of 86 and is within walking distance to S La Cienega, W Pico, and W Olympic Blvd with high-end retail options for residents. Ideally located to commute to major employment hubs in West Hollywood, Beverly Hills, Century City, and Hollywood: walking distance to the Pacific Design Center, a 1.6 MM SF multi-use facility for the design community.
24408589
MLSⓇ ID
June 10, 2024
Listed
August 30, 2024
Updated
Map
540 N Orlando Avenue
West Hollywood CA, 90048
Interior Features
Total Stories
2
Bedrooms
28
Total Bathrooms
29
Fireplace
No
Cooling
No
Cooling Description
None
Heating
No
Heating Description
None
Exterior/Building Features
Lot Size
0.26 Acres
Other Property Details
Area Name
C10 - West Hollywood Vicinity
Days on Market
77
Garage
No
Parking
Gated
Parking Total
0
View
No
County
Los Angeles
Pool
No
Zoning
WDR3C*
Listing History
Date | Event | Price |
---|---|---|
8/24/2024 | Price change | $6,950,000 -5% |
7/24/2024 | Price change | $7,250,000 -4% |
Listing Contact: 310-909-5500
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 8/30/2024. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 8/30/2024 at 7:09 PM UTC