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$5,495,000
Est. payment /mo
0.59 Acres Lot
UPDATED:
12/13/2024 07:19 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
MLS Listing ID CV24227936
HOA Y/N No
Year Built 1960
Lot Size 0.586 Acres
Property Description
NEW PRICE! Introducing a compelling investment opportunity in the highly sought after rental community of Valley Village: A 24-unit multi-family complex that exemplifies both quality and potential. The subject property boasts large living spaces with an average unit size of 915 square feet, for a total rentable square footage of 21,994 square feet, on a 25,500 square foot lot.
The diverse unit mix includes one 2-Bedroom/2-Bathroom unit with a Den, four 2-Bedroom/1-Bathroom units, one 1-Bedroom/1-Bathroom unit with a Den, and eighteen 1-Bedroom/1-Bathroom units. Each apartment is individually metered for electricity and gas, facilitating easier utility management and cost distribution.
Significant capital investments have been made to enhance the property's value and tenant experience. Recent improvements include; a newer roof with an additional layer of sealant applied in 2021, a resealed driveway, a modern solar hot water heating system, new electric sub panels installed in 2023, completion of soft story retrofitting in 2017, a replastered pool in 2010, and a new security entry system installed in 2020. Additionally, the property features copper plumbing throughout, ensuring durability and reduced maintenance concerns.
Amenities such as an onsite laundry facility and gated private entry add to the property’s appeal, increasing desirability among prospective tenants. With a current 11.43 Gross Rent Multiplier and a 5.44% CAP rate, along with a potential 27% upside in rental income, this investment stands out in the market for its income-generating potential and strategic enhancements.
The diverse unit mix includes one 2-Bedroom/2-Bathroom unit with a Den, four 2-Bedroom/1-Bathroom units, one 1-Bedroom/1-Bathroom unit with a Den, and eighteen 1-Bedroom/1-Bathroom units. Each apartment is individually metered for electricity and gas, facilitating easier utility management and cost distribution.
Significant capital investments have been made to enhance the property's value and tenant experience. Recent improvements include; a newer roof with an additional layer of sealant applied in 2021, a resealed driveway, a modern solar hot water heating system, new electric sub panels installed in 2023, completion of soft story retrofitting in 2017, a replastered pool in 2010, and a new security entry system installed in 2020. Additionally, the property features copper plumbing throughout, ensuring durability and reduced maintenance concerns.
Amenities such as an onsite laundry facility and gated private entry add to the property’s appeal, increasing desirability among prospective tenants. With a current 11.43 Gross Rent Multiplier and a 5.44% CAP rate, along with a potential 27% upside in rental income, this investment stands out in the market for its income-generating potential and strategic enhancements.
Location
State CA
County Los Angeles
Area Vvl - Valley Village
Zoning LAR3
Interior
Fireplaces Type None
Fireplace No
Laundry Common Area
Exterior
Parking Features Carport
Fence Security
Pool Fenced, Private
Community Features Street Lights, Sidewalks
Total Parking Spaces 24
Private Pool Yes
Building
Lot Description 0-1 Unit/Acre
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 2348012034
Energy Description 5078.0
Acceptable Financing Cash to New Loan
Listing Terms Cash to New Loan
Special Listing Condition Standard
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Listed by Kristopher German • RE/MAX 2000 REALTY • 909-645-0443