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.”
Or, more likely, this is a sign of another bubble on the horizon…..
This nauseates me ! BUT it also may be a harbinger of yet another Great Recession OR worse ! ! I hope the new owners of this property lose their shirts.
The reason there are no more homes under a $1M is because our city allowed greedy developers to buy tear downs and develop huge cookie cutter McMansions that are obviously all built with one shoddy architectural plan without restriction. We now have this SAME home duplicated by the dozens on every street in the city and all being listed and sold for close to $4M. I want to know whose making the cool $2M plus net on each of these hideous properties. It’s sick that the city did not restrict the size of these monstrosities destroying our neighborhood!
I’m curious who bought the building. My guess is its a huge corporation that owns many, many buildings in the area, or it’s an international corporation who invest in American real estate rather than their own countries market. This is why CA home prices are increasing and the subsequent increase in rent. The crazy thing about Weho is there just isn’t any single family home priced beneath $1 million anymore. Even on the east side of town in the rougher areas. Our general area is effectively priced out for the common individual. You would have to make well into the… Read more »
For that price, you can be sure the rents will be going up as soon as the new owner can get rid of old tenants. I’m sure that’s the first order of business since the building was already recently renovated. But hey, I just got a mailer from a real estate agent touting the sale of a 2-bedroom 1-bathroom house built in the ’40s on a desirable street in West Hollywood West. It sold in 1 week for $1,268,000. The property records list the house at 1,057 square feet — more than $1,000/square foot. Pretty pricey, but not surprising. Maybe… Read more »