Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3,025,000 sale of an eight-unit, value-add apartment property located at 1237 N. Orange Grove in the Los Angeles submarket of West Hollywood.
Principal Kimberly R. Stepp of Stepp Commercial represented the seller, a Los Angeles-based private investor, as well as the buyer, Los Angeles-based Bold Partners. The property closed at a cap rate of 4.4 percent and a per-unit price of $378,125.
Built in 1926, the two-story Spanish style property consists entirely of large one-bedroom/one-bathroom units. They all feature hardwood flooring, large windows with ample natural light, modernized kitchens and baths with custom tile, recessed lighting and designer fixtures. The property also includes seven parking spaces, on-site laundry, and community courtyard patio with seating.
“This property features unique vintage architecture in a prime WeHo location,” said Stepp. “It also provides the new ownership with an ideal opportunity to add value by renovating the units to achieve stronger rents, as well as leasing up the three units that were vacant at close of escrow.”
Located in West Hollywood, tenants have easy access to a number of trendy restaurants and shops on Santa Monica Boulevard and the Sunset Strip. Additionally, it is one block north of Santa Monica Boulevard and one block east of Fairfax, with a 15-minute walk to world famous shopping and restaurants on the trendy Melrose Avenue.