Recent Renovations on Detroit Ave
One of the most popular properties to buy in the Hancock Park/Miracle Mile area is a duplex. There are only 3 streets (and 12 blocks) of duplexes that are Hancock Park adjacent – Detroit Ave, Orange Ave, and Mansfield Ave. The Bienstock Group is currently representing the buyer buying two duplexes on Detroit Ave. Both duplexes are in original condition and fully vacant. Our buyer plans to extensively remodel both units in each duplex and then to turn around and sell each property to an end user for a profit.
As a seller, having a local area specialist, like The Bienstock Group, sell your property gets you top top dollar. We’re representing the buyer buying these two duplexes because both were sold to him under market, leaving room for our investor to turn around and make a profit on resale. We will resell both duplexes for top top dollar.
The duplexes in our area are rent controlled. Once a tenant moves in that tenant is protected and can only be relocated if an owner will occupy the space. Therefore, duplexes that are delivered either vacant or with tenants paying market rent sell for the most money.
The highest sale of a duplex in the area was 349 N Mansfield that sold for $2,895,000 with the upstairs delivered vacant and the downstairs delivered with a tenant paying 5500/month in rent. The duplex was extra large with almost 6000 sq ft of living space on a 7157 square foot lot. The second highest duplex sale was 348 N Orange Drive, which had a little over 5000 square feet of living space and sold for 2,800,000. Both units were delivered vacant at the close of escrow.
At The Bienstock Group we sell properties for top top dollar and we love what we do!