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120 N Orlando Avenue

Los Angeles (City), CA 90048
  • $2,150,000
  • STATUS: Closed
  • ON SITE: 164 Days
  • ID#: 23330975
Sold - 04/17/2024
$2,150,000
SOLD - 04/17/2024
  • 6
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 3,988
    SQFT
  • $539
    $/SQFT
Type:
Multi-Family
Built:
1937
County:

School Ratings & Info

Listing Agent(s): Adam Peterson of CB Richard Ellis, Inc. ()


Description

REDUCED! Triplex with Development Potential in Beverly Grove! Trophy-location with an ideal unit mix of all 2-bedroom units and approximately 26% upside in rents, potential to add ADU(s) at the rear of the property either in place of, or above, the freestanding garages. The property is zoned LAR3 and designated TOC Tier 2 allowing for up to 13 units in a redevelopment (buyer to verify). Located in the neighborhood of Beverly Grove, this site is central to an extensive list of amenities, attractions, and other popular Los Angeles neighborhoods like West Hollywood, Century City, and Beverly Hills. Its ideal location, walkability, and easy access to public transport make this a highly sought-after neighborhood for renters. There are a dense number of commercial retail spaces, multifamily properties, single family homes, schools, museums, and plenty more that keep this area vibrant and busy. Beverly Grove has continued to thrive in recent years, still known as a premier shopping destination, home to the most notable restaurants, and close to world famous streets like Melrose and Fairfax. Close to the most trendy shops, restaurants, and only a short drive to surrounding employment hubs makes this a magnet for young professionals looking for a fun and centralized neighborhood. Many residents work in the entertainment industry due to its proximity to major film studios, which gives this area an art-focused personality. Many art galleries line the streets of Melrose, some high-end and some catering to the thrift-focused demographic of this area. Trendy second hand purchasing thrives here, thanks to the many famous thrift stores and popular markets like Melrose Trading Post Flea Market where locals and tourists enjoy endless vendors. For those without a shopping interest, popular restaurants like Joan's on Third, The Little Door, NORMS, The Nice Guy, The Ivy, and much more are just blocks away.

Sold by Nina Bokaei of Innovate Realty, Inc..

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-04-23T14:44:47.85. 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 deemed reliable but is not guaranteed accurate by the MLS or Robin McCann | EXIT Alliance Realty. Licensed in the State of California, USA.
www.socalrealtyexpert.com/homes/145182922
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120 N Orlando Avenue Los Angeles (City), CA 90048

  • Price: $2,250,000
  • Status: Closed
  • On Site: 164 Days
  • Updated: 102 min ago
  • ID#: 23330975
6
Beds
0
Baths
0
½ Baths
0.15
Acres
3,988
SQFT
$539
$/SQFT
1937
Built
Neighborhood:
C19 - Beverly Center-Miracle Mile
County:
Los Angeles
Area:
C19 - Beverly Center-Miracle Mile
Property Description
REDUCED! Triplex with Development Potential in Beverly Grove! Trophy-location with an ideal unit mix of all 2-bedroom units and approximately 26% upside in rents, potential to add ADU(s) at the rear of the property either in place of, or above, the freestanding garages. The property is zoned LAR3 and designated TOC Tier 2 allowing for up to 13 units in a redevelopment (buyer to verify). Located in the neighborhood of Beverly Grove, this site is central to an extensive list of amenities, attractions, and other popular Los Angeles neighborhoods like West Hollywood, Century City, and Beverly Hills. Its ideal location, walkability, and easy access to public transport make this a highly sought-after neighborhood for renters. There are a dense number of commercial retail spaces, multifamily properties, single family homes, schools, museums, and plenty more that keep this area vibrant and busy. Beverly Grove has continued to thrive in recent years, still known as a premier shopping destination, home to the most notable restaurants, and close to world famous streets like Melrose and Fairfax. Close to the most trendy shops, restaurants, and only a short drive to surrounding employment hubs makes this a magnet for young professionals looking for a fun and centralized neighborhood. Many residents work in the entertainment industry due to its proximity to major film studios, which gives this area an art-focused personality. Many art galleries line the streets of Melrose, some high-end and some catering to the thrift-focused demographic of this area. Trendy second hand purchasing thrives here, thanks to the many famous thrift stores and popular markets like Melrose Trading Post Flea Market where locals and tourists enjoy endless vendors. For those without a shopping interest, popular restaurants like Joan's on Third, The Little Door, NORMS, The Nice Guy, The Ivy, and much more are just blocks away.
Exterior Features

Attached Garage YN 0 Parking Total 7

Interior Features

Cooling Central Air Cooling YN Yes

Property Features

Association YN No Buyer Financing Cash Disclosures Rent Control Garage YN Yes Gross Income 112320 Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 59689 New Construction YN No Rent Control YN Yes Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 0 Zoning LAR3



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-04-23T14:44:47.85. 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 deemed reliable but is not guaranteed accurate by the MLS or Robin McCann | EXIT Alliance Realty. Licensed in the State of California, USA.
 
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Robin McCann | EXIT Alliance Realty
43521 Rige Park Drive, Suite 201
Temecula CA, 92590
Listing Agent(s): Adam Peterson of CB Richard Ellis, Inc. ()