Zaharia Sells 8 Units - Miracle Mile

SALE HIGHLIGHTS:

• Prime Miracle Mile Location (Map)
• Closed at Over $380,000 Per Unit and Over $370 Per Foot
• All One-Bedroom Units
• No On-Site Parking
• Off-Market Transaction - Zaharia Team Represented Both Buyer and Seller
• Our Team Worked with the Buyer and Seller in Facilitating Relocation of All Tenants During Escrow, Enabling Buyer to Begin Renovations Immediately Upon Close

This was the first time 900 S Orange Grove Ave had been on the market for over 30 years. The seller in the transaction began a renovation project but opted to take advantage of the current market conditions and reposition their capital into a new investment property via a 1031 exchange. We worked with the buyer in negotiating buyouts with the remaining units during escrow which will allow the buyer to begin a complete overhaul immediately upon closing. The buyer will likely hold long-term after completing a substantial renovation project to take advantage of the building’s unique layout with one bedroom units averaging over 1,000 square feet. Although the property lacks any parking, it benefits from a prime Miracle Mile location and upside in rents once renovations are completed. This is a great example of how we can come up with creative ways to make deals make sense in today’s market. 

Zaharia Sells 8 Units - Miracle Mile