Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
4838 - 4846 Hazeltine Avenue . Sherman Oaks , CA 91423
For sale 16 units apartment (2) buildings in Sherman oaks, Los Angeles, California. Over 20% Upside Potential in Rent | Possibility to Add Units through the ADU Ordinance. For more information on this transaction please contact the listing agent Glen Scher 818-212-2808 Glen.Scher@marcusmillichap.com
Posted: 05/03/2022 12:05 pm
| On HOMEiZ: 730 days |
Updated: 1 year ago
| Views: 377
Location Map
Property Type
Sold
Property Price
$6100000
$6100000
04/29/2022
0.36
Acres
$432
14136
1.5%
4.07%
$0
$248270
15.49
$0
1.25%
$76250
Property Location & Description
For sale 16 units apartment (2) buildings in Sherman oaks, Los Angeles, California. Over 20% Upside Potential in Rent | Possibility to Add Units through the ADU Ordinance. For more information on this transaction please contact the listing agent Glen Scher 818-212-2808 Glen.Scher@marcusmillichap.com
Rent Control
this 16 unit multifamily offering in prime Sherman Oaks, California, located in one of the best and fastest growing pockets throughout the entire San Fernando Valley. This unique offering is made up of two separate and identical 8-unit buildings with a shared courtyard in between. Due to this fact, the buyer of this property will be able to save on management costs since they will not need be required hire an onsite manager that would normally be required on a 16+ unit building. In total, these two buildings sit on a combined lot size of 0.36 acres with a total building size of 14,136 square feet, and it boasts an excellent unit mix of (8) 1 Bed / 1 Bath units, (4) 2 Bed / 1 Bath units, and (4) 3 Bed / 2 Bath units. The property offers its tenants security with a gated entrance and surveillance systems. Also, the tenants have convenient access to parking behind the building through an alley way where there are a total of 16 parking spots (1 for each unit). Furthermore, the property has a full laundry room, and the machines are owned by the sellers. Since the sellers bought this property in 2016, they have spent nearly a million dollars renovating the property inside and out. This near fully renovated property offers the buyer of this property over 20% upside potential in rents without the worry of significant deferred maintenance costs. The sellers of this property have great pride of ownership and attention to detail, but they were never ones to maximize their rents, which leaves an opportunity for a savvy investor to capitalize on this upside potential. Additionally, the buyer would be wise to look into the feasibility of adding ADUs to this property since each added unit would be worth significantly more than it would cost to build in this great location.
With a walk score of 77, this property is located in one of the best and quickly growing pockets of Sherman Oaks. The property is directly across the street from Trader Joe's, the Westfield Fashion Square Mall that offers an endless amount of shopping and restaurant options, and the property is also across the street from the historic Sunkist building that is currently being redeveloped by IMT Residential, which is expected to be completed in the next few years.
16
$381250
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
1+1
8
2.
2+2
4
3.
3+2
4
4.
5.
226-9015-010
LAR3
100%
Wood & Stucco
2
1958
Very good
Renovated 14 out of the 16 units' interiors- renovated the front entrance grass area
Renovated the roofs on both buildings- replaced all windows throughout the property (88 windows)
Renovated the common area courtyard- installed new electrical subpanels
Replaced water service line from meter- Built in 1958 | Significant Renovation from 2016-2021
Two Identical 8-Unit Buildings with Two Separate APNs | No On-Site Manager Needed- Excellent Unit Mix of (8) 1 Bed, (4) 2 Bed, and (4) 3 Bed Units
Prime Sherman Oaks Location Next to Trader Joe's, Westfield Mall, and IMT Residential 8+ Acre Mixed-Use Redevelopment of the Historic Sunkist Building
Property Information
Gated entry
Sewer
Sewer System (Public)
Parking
Off-street
On-street
Assigned Parking
No Data
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
No
No
No
Neighborhood lifestyle
Urban Core
More information
Listing Presented by
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