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$ 2,200,000
Est. payment | /mo
3 Beds
2 Baths
6,213 SqFt
$ 2,200,000
Est. payment | /mo
3 Beds
2 Baths
6,213 SqFt
Key Details
Property Type Single Family Home
Listing Status Pending
Purchase Type For Sale
Square Footage 6,213 sqft
Price per Sqft $354
MLS Listing ID 25546199
Bedrooms 3
HOA Y/N No
Year Built 1926
Lot Size 7,431 Sqft
Property Description
Offered for sale on the open market for the first time in over 60 years, 8686 West Olympic presents a rare opportunity for investors to reposition a well-maintained asset in one of Los Angeles' most supply-constrained and desirable rental markets. Current ownership has maintained the building over the years, making selective upgrades as needed, but much of the property remains in original condition giving the next owner a clear path to unlock significant value through targeted interior and exterior renovations. With a ~22% loss-to-lease on in-place rents, new ownership can capitalize on substantial upside by aligning units with the luxury expectations of a tenant base drawn to the property's proximity to Beverly Hills. The surrounding submarket is dominated by vintage, unrenovated character buildings, creating a unique opportunity to deliver a boutique product that stands out in the local rental landscape. Originally constructed in 1926, the property sits on a 7,430 SF corner lot and consists of two separate two-story walk up structures with a total of 7 (seven) on-site parking spaces. The unit mix includes one (1) Single and seven (7) 1-bedroom, 1-bath units. The building offers excellent frontage on Olympic Boulevard, lush landscaping, and underutilized common areas that could be reimagined to enhance resident experience and overall value.
Location
State CA
County Los Angeles
Area C19 - Beverly Center-Miracle Mile
Zoning LAR3
Interior
Heating Wall Furnace
Fireplace No
Exterior
Parking Features Carport
Building
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 4332020001
Special Listing Condition Standard
Listed by Elliot Hassan NorthMarq Realty Services, Inc.