Multifamily

6321 Orange St

6321 Orange St, Los Angeles, CA 90048

Listing Price: $2,200,000

Cap Rate
3.09%
Number of Units
6
GRM
18.14
Occupancy
97.0%
Price/Unit
$366,667
Price/Gross SF
$459.29
Gross SF
4,790

Investment Overview

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 6321 Orange Street in Los Angeles, California. The subject property is situated prime Beverly Grove location, north of Wilshire Boulevard and west of North Fairfax Avenue.

Beverly Grove is a bustling shopping and dining district. Named in part for The Grove, the area also features the Beverly Center, a slick, eight (8)-story retail behemoth within a five (5) minute drive from the subject property. The Grove is a popular outdoor mall that features the historic Farmers Market, Pacific Theaters, the American Girl Doll Store, Umami Burger, Nordstrom, and Laduree. Tenants take a short fifteen (15) minute walk to The Grove to enjoy these many amenities and visit the beautiful Dancing Fountain. Buzz-worthy restaurants in the area include see-and-be-seen classics such as The Ivy, plus high-end sushi spots, vegan cafes and celeb-chef spots. The subject property is situated just one (1) block north of Wilshire Blvd, adjacent to Park La Brea, home to the Los Angeles County Museum of Art, the La Brea Tar Pits and Museum, the Academy Museum of Motion Pictures, the Art of the Americas Building, the Pavilion for Japanese Art, Lake Pit, and Hancock Park. The closest portion of Wilshire Blvd provides residents with dominant access to food and entertainment spaces. Tenants will also enjoy the close proximity to outdoor space at La Cienega Park, perfect for baseball, jogging, and community activities. This park is home to the La Cienega Tennis Center, the Beverly Hills Tennis Center, Frank Fenton Field, and Margaret Herrick Library. These walkable amenities have earned this area a walk score of 82.

Built in 1947, this offering contains a solid unit mix of six (6) one-bedroom/one-bathroom units. Some of the units have been remodeled with features like refinished hardwood floors, plantation shutters, crown moldings, new carpet, fresh paint, and newer tile in the bathrooms and kitchens. The bathrooms include newer vanities and fixtures and the kitchens feature newer cabinetry and granite countertops. Each unit comes fully equipped with a newer gas range (stove/oven), range hood, refrigerator, A/C wall units, and stackable washer/dryers in-unit. There is plenty of storage space in every unit with closets and built-in shelving. Tenants will enjoy the on-site parking available in the back of the well-maintained property. All of these built-in amenities in a highly desireable submarket allow for strong rental upside potential. Beverly Grove is a very walkable, buzz-worthy submarket where properties rarely come to market. This is the first time the subject property has come to market in over 30 years, making it a very rare value-add opportunity.

Investment Highlights

  • Prime Beverly Grove Location - Submarket that Rarely Trades
  • Strong Rental Upside Potential
  • First Time on Market in Over 30 Years
  • Extremely Rare, Value-Add Opportunity
  • Solid Unit Mix - Six (6) One-Bedroom/One-Bathroom Units
  • One (1) Unit Will be Delivered Vacant

Exclusively Listed By

Listing Price: $2,200,000

Cap Rate
3.09%
Number of Units
6
GRM
18.14
Occupancy
97.0%
Price/Unit
$366,667
Price/Gross SF
$459.29
Gross SF
4,790

Investment Highlights

  • Prime Beverly Grove Location - Submarket that Rarely Trades
  • Strong Rental Upside Potential
  • First Time on Market in Over 30 Years
  • Extremely Rare, Value-Add Opportunity
  • Solid Unit Mix - Six (6) One-Bedroom/One-Bathroom Units
  • One (1) Unit Will be Delivered Vacant

Investment Overview

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 6321 Orange Street in Los Angeles, California. The subject property is situated prime Beverly Grove location, north of Wilshire Boulevard and west of North Fairfax Avenue.

Beverly Grove is a bustling shopping and dining district. Named in part for The Grove, the area also features the Beverly Center, a slick, eight (8)-story retail behemoth within a five (5) minute drive from the subject property. The Grove is a popular outdoor mall that features the historic Farmers Market, Pacific Theaters, the American Girl Doll Store, Umami Burger, Nordstrom, and Laduree. Tenants take a short fifteen (15) minute walk to The Grove to enjoy these many amenities and visit the beautiful Dancing Fountain. Buzz-worthy restaurants in the area include see-and-be-seen classics such as The Ivy, plus high-end sushi spots, vegan cafes and celeb-chef spots. The subject property is situated just one (1) block north of Wilshire Blvd, adjacent to Park La Brea, home to the Los Angeles County Museum of Art, the La Brea Tar Pits and Museum, the Academy Museum of Motion Pictures, the Art of the Americas Building, the Pavilion for Japanese Art, Lake Pit, and Hancock Park. The closest portion of Wilshire Blvd provides residents with dominant access to food and entertainment spaces. Tenants will also enjoy the close proximity to outdoor space at La Cienega Park, perfect for baseball, jogging, and community activities. This park is home to the La Cienega Tennis Center, the Beverly Hills Tennis Center, Frank Fenton Field, and Margaret Herrick Library. These walkable amenities have earned this area a walk score of 82.

Built in 1947, this offering contains a solid unit mix of six (6) one-bedroom/one-bathroom units. Some of the units have been remodeled with features like refinished hardwood floors, plantation shutters, crown moldings, new carpet, fresh paint, and newer tile in the bathrooms and kitchens. The bathrooms include newer vanities and fixtures and the kitchens feature newer cabinetry and granite countertops. Each unit comes fully equipped with a newer gas range (stove/oven), range hood, refrigerator, A/C wall units, and stackable washer/dryers in-unit. There is plenty of storage space in every unit with closets and built-in shelving. Tenants will enjoy the on-site parking available in the back of the well-maintained property. All of these built-in amenities in a highly desireable submarket allow for strong rental upside potential. Beverly Grove is a very walkable, buzz-worthy submarket where properties rarely come to market. This is the first time the subject property has come to market in over 30 years, making it a very rare value-add opportunity.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower