1006 South Orange Drive is a 16-unit apartment community and the highly sought-after Miracle Mile sub-market. This 16-unit Miracle Mile apartment community is centrally right off Olympic Blvd., a short distance from Wilshire Blvd., The Grove, and other popular destinations. Miracle Mile multifamily investments have historically provided investors exceptional long-term… Read More capital appreciation and wealth preservation. 1006 South Orange Drive, built in 1928, features four (4) 1- Bedroom/1-Bathroom units, two (2) Junior 1-Bedroom/1-Bathroom units, and ten (10) Studio Apartments. Investors and renters will be drawn to the attractive 1920s brick property with twin-pitched roofs, original windows, and manicured landscaping. Property amenities include an on-site laundry room, private seating area/porch on the second floor, and an inviting backyard--great for outdoor dining or dog walks. The apartment homes are individually metered for electricity and master-metered for gas and water. Current ownership has also implemented a Utility Pass-Through Program (RUBs System), keeping the owner's expenses low by passing along shared expenses to the tenants. The asset is close to world-class dining, shopping, entertainment, and nightlife in Los Angeles. It further benefits from access to business services and major employment centers throughout the city and its surrounding neighborhoods. There is a substantial rental upside based on the current market vs. existing rents, thus representing a significant long-term investment opportunity in an exceptional Miracle Mile location. Read Less
Courtesy of KW Commercial Studio City 818-432-1500
Listing Snapshot
Days Online
51
Last Updated
Property Type
Other
Beds
4
Square Ft.
10,544
Lot Size
0.24 Acres
Year Built
1928
MLS Number
25513845
30 Days Snapshot Of 90019
$1.52M
-25%
(avg) sold price
8
-50%
homes sold
91
+40%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
10,544 sq ft, Built in 1928, Levels: Two
Disclosures
As Is
Garage
On street
Lot
LotAcreage: 0.2371, LotSizeArea: 10,326
Parking
TotalParking: 0
Property
NumberOfUnits: 16, Zoning: LAR3
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