Active
540 N Orlando Ave
West Hollywood CA, 90048
$6,950,000
$463.02 per sqft
Active
28 Beds
29 Baths
15,010 sqft
Multi-family
Built in 1962
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.
24-408589
MLSⓇ ID
June 26, 2024
Listed
August 26, 2024
Updated
Map
540 N Orlando Ave
West Hollywood CA, 90048
Interior Features
Total Stories
2
Bedrooms
28
Total Bathrooms
29
Appliances
None
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
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% |
Listed by Neema Ahadian with Marcus & Millichap
Listing Contact: 310-909-5444
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Hilton Hilton shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 8/26/2024