The recent sale of an apartment building on Orlando Avenue offers testament to West Hollywood’s strong real estate market.
Marcus & Millichap said it had brokered the sale of the 19-unit apartment building on 526 N. Orlando Ave., between Rosewood and Clinton, for $8.3 million. That’s an average price of $434,211 a unit, substantially more than $180,000 price of the average Los Angeles unit according to Marcus & Millichap Real Estate Investment Services research data.
Built in 1964, the building was renovated in 2012. The four-story, wood-frame and stucco apartment building has three one-bedroom/one-bath units, 15 two-bedroom/two-bath apartments and a three-bedroom/two-and-one-half-bath penthouse with key-secured elevator access and views from multiple decks and balconies. The building has 29 gated, underground parking spaces.
In marketing the building, Marcus & Millichap said “This offering will appeal to any investor looking for a value-add, well-located property with an excellent unit mix and 20%+ rental upside.”