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We are pleased to present The Orleans Apartments, a 54-unit investment opportunity in prime Koreatown just east of Normandie Ave and south of Beverly Blvd. The subject property features an ideal unit mix of 54 one-bedrooms with 57 subterranean parking spaces; five units will be delivered vacant at the close of escrow. This is a value-add opportunity with 40% rental upside achievable as units turn; units are well-maintained but can be enhanced to capture premium rents with a renovation program including luxury vinyl plank flooring, stainless steel appliances, custom cabinetry and countertops, smoothed ceilings and light fixtures, and HVAC; exterior upgrades could include paint and common area upgrades; third floor units have balconies and all appliances are electric. At the asking price, the property is being offered at $288 PSF and $192,222 per unit. There are two laundry rooms on the third and fourth floors, each with three washers and three dryers leased with Wash. Rare opportunity to acquire a sizeable asset with substantial upside located in one of the strongest rental submarkets in all of Los Angeles with continued rent growth year-over-year. High Walk Score of 87, close proximity to schools, employment, and transit options, this central location makes it convenient for residents to commute throughout the city to nearby neighborhoods such as Downtown LA, East Hollywood, Hollywood, Westlake, and Mid-City, among others. Koreatown is one of the densest neighborhoods in Los Angeles, with about 120,000 people. With an estimated $1 billion invested in the development of Koreatown since the early 2000s and various development projects taking place, Koreatown remains one of the highly coveted submarkets in all of Los Angeles.
Property Type(s):
Residential Income
| Last Updated | 6/4/2025 | Year Built | 1971 |
|---|---|---|---|
| Community | C17 - Mid-Wilshire | County | Los Angeles |
Additional Details
| AIR | None |
|---|---|
| AREA | C17 - Mid-Wilshire |
| HEAT | None |
| LOT | 0.551 acre(s) |
| PARKING | Underground, Gated |
| STORIES | 3+ |
Location
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Listed with Marcus & Millichap
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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