1047 S Orange Grove Avenue, Los Angeles, California 90019

$5,400,000

Property Type

Residential Income

Bedrooms

16

Bathrooms

12

Square Feet

11,880 sqft

City

Los Angeles

Status

Active

1047-1053 S. Orange Grove Ave. is an immaculately restored historic property in the Wilshire Vista/Fairfax area of Los Angeles. Property is situated at the intersection of the Carthay Square, Wilshire Vista and Miracle Mile districts, about 1 mile east of Beverly Hills. The area is known for its central location, walkability to fine dining, entertainment, museums and vibrant, youthful atmosphere. The area attracts residents seeking to be in the middle of Los Angeles' dynamic environment, with convenient access to amenities and attractions. Ownership has invested heavily in the property in recent history, adding a front entry and perimeter security, painting and re-landscaping, adding central air conditioning and upgrading to new 600 amp electrical service. The garages were rebuilt/restored, plumbing updated and foundation braced for earthquake safety. Seven units have been renovated completely with refinished hardwood flooring, new kitchens and baths, restoration of period architectural details and adding in-unit washer/dryers. A complete list of recent upgrades can be found on page 5 of the offering memorandum. Units are generously-sized one and two bedrooms. The buildings are separately metered for gas and electricity with LADWP handling trash removal at the tenants' expense. Select units have private outdoor patios and all tenants enjoy nicely landscaped common amenity areas. The garages offer realistic ADU potential with immediate equity available to the benefit of ownership upon completion. The area's proximity to shopping destinations like Fairfax Ave., Museum Row, The Grove and Farmers Market, makes it especially attractive to renters. The presence of schools like Carthay Elementary, LACES and Fairfax Senior High School also adds to the area's appeal. The walkability of the neighborhood around South Orange Grove Ave. is a significant factor in its desirability to renters. Residents can walk to grocery stores, restaurants, and other conveniences. The proximity to major transportation hubs, such as the Wilshire/Fairfax and Wilshire/La Cienega Metro stations, further enhances the desirability of the location, providing easy access to the greater Los Angeles area.