8926 Orion Avenue, North Hills, CA 91343$5,600,000

Orion Apartments, located at 8926 Orion Ave. in the North Hills submarket of the San Fernando Valley. On the market for the 1st time in over 30 years, this true value-add opportunity will allow a new Buyer to capture 50+% upside in rents. Built in 1964, the Orion Apartments features a unit mix of 4-1 Bedroom/1 Bath, 11-2 Bedroom/1 Bath, 10-2 Bedroom/1.5 Bath, 9-2 Bedroom/2 Bath and 1-3 Bedroom/2 Bath. The building is individually metered for gas and electric, and has one main water heater that services all units. A mixture of tuck-under and carport parking offers tenants 6 tandem and 26 individual spaces to accommodate a total number of 38 cars. The earthquake retrofit work has been completed. The Los Angeles Housing Department citied the building for plumbing work that was done years ago without a permit. The notice to comply was not corrected within the specified time causing the property to go into REAP. As a result of the citation the building was completely replumbed with all new copper plumbing in 2022. As of June 2022, the property has been taken out of REAP and cleared of all citations. Please contact listing agents for full Offering Memorandum.