Description
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.
Features
Location
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