Active

712 S Stanley Ave

Los Angeles CA, 90036

$2,995,000


$430.94 per sqft

Active

10 Beds

8 Baths

6,950 sqft

Multi-family

Built in 1928

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.

24-418383

MLS ID

July 22, 2024

Listed

October 2, 2024

Updated

Map

712 S Stanley Ave
Los Angeles CA, 90036

Interior Features

Total Stories

2


Bedrooms

10


Total Bathrooms

8


Appliances

Range/Oven, Refrigerator, Washer, Dryer


Fireplace

No


Cooling

Yes


Cooling Description

Air Conditioning


Heating

Yes


Heating Description

Central

Exterior/Building Features

Lot Size

0.16 Acres

Other Property Details

Area Name

Beverly Center-Miracle Mile


Days on Market

22


Garage

No


Parking

Uncovered


Parking Total

0


View

No


County

Los Angeles


Pool

No


Zoning

LAC2

Listed by Vangelis Korasidis with Coldwell Banker Realty
Listing Contact: 310-405-9500 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Basya Gradon Team | CA DRE# 01893478 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 10/2/2024

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