712 S Stanley Ave Los Angeles, CA 90036
Listing Courtesy of: Combined L.A. Westside (CLAW) / Coldwell Banker Realty / Vangelis Korasidis

  712 S Stanley Ave Los Angeles, CA 90036

Active (153 Days)
$2,995,000
10
BED
8
BATH
6,950
SQFT

Description

We are excited to present a unique opportunity to purchase 712 S Stanley Ave, a fully vacant 4-unit apartment building centrally located in the highly sought-after Miracle Mile district of Los Angeles. Constructed in the 1920s with a Spanish architectural flair, the property offers a gross square footage of approximately 6,950 and is situated on a 0.16-acre (6,963 sq ft) lot. This property includes two spacious 2-bedroom, 2-bathroom units each approximately 1,350 sq ft and two very large 3-bedroom, 2-bathroom units, each approximately 1,950 sq ft. A key highlight is the full vacancy of the property upon purchase, allowing for immediate renovations and leasing, thereby enabling investors to realize the property's full income potential after their renovation is completed. This is particularly significant as the property falls under LA's rent control ordinance (RSO), which would restrict renovation activities until existing tenants vacate the premises. A great value-add strategy to consider is adding bedrooms and/or bathrooms to each of these oversized units. Depending on the floor plan and buyer's vision, it's very feasible to transform the 2 bed units into 3 bed units, and the 3 bed units into 4 bed units, without having to add any square footage. The asset benefits from its designation within an HPOZ (Historic Preservation Overlay Zone), offering potential tax advantages, and also benefits from favorable R3 and TOC zoning, which could present an opportunity for future redevelopment, depending on HPOZ restrictions (buyer to verify). 712 S Stanley Ave is optimally located just south of Wilshire Boulevard, in the heart of Miracle Mile - an area renowned for its cultural, dining, and shopping amenities. With a Walk score of 92, the neighborhood is a veritable "walker's paradise", offering residents an array of nearby conveniences and an outstanding quality of life. The property's location is further bolstered by its proximity to a brand-new metro station, currently under construction. This transit connectivity significantly enhances access to the wider LA area and beyond, making it an ideal location for commuters. It's approximately 1 mile from The Grove, LA's premier shopping and dining destination, featuring a mix of high-end retailers and unique boutiques, alongside world-class dining options, offering a desirable lifestyle for potential tenants. This property, with its historic charm, substantial square footage, zoning advantages, and superior location, offers an exceptional investment opportunity to maximize income potential and capital appreciation in the highly coveted Miracle Mile area.

MLS #:
24-418383
Lot Size
6,965 SQFT
Type
Multifamily
Year Built
1928
County
Los Angeles County

Listed By

Vangelis Korasidis, DRE #01222626 CA, Coldwell Banker Realty
Source
Combined L.A. Westside (CLAW)
Last checked Dec 23 2024 at 4:05 AM GMT+0000
Bathroom Details
Heating and Cooling
  • Central
  • Air Conditioning
Basement Information
  • No
Parking
  • Parking Garage: Uncovered
Stories
  • 2
Living Area
  • 6,950 sqft

Listing Brokerage Notes
Buyer Brokerage Compensation: 2.5%
*Details provided by the brokerage, not MLS (Multiple Listing Service). Buyer's Brokerage Compensation not binding unless confirmed by separate agreement among applicable parties.
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Disclaimer: Copyright 2024 CLAW MLS. All rights reserved. This information is deemed reliable, but not guaranteed. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 12/22/24 20:05