15 Units | Valley Village | Value Add
15 Unit Apartment Building | $4,320,000 ($288,000/Unit) | 5.45% Cap Rate | Valley Village, CA 91607
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $4,320,000
- Property Type
-
Multifamily
- Square Feet
- 13,207 SF
Listing Contacts
Filip Niculete
Verified Profile
Glen Scher
Verified Profile
- Property Info
Property Overview
The LAAA Team of Marcus & Millichap is pleased to present Hermitage Court, a 15-unit apartment community in Valley Village, CA. Built in 1970, this property is subject to LA Rent Control (RSO), but it is not required to have an onsite manager, saving the landlord a signi?cant expense.
Priced at $4,320,000, Hermitage Court is offered well below ULA Mansion Tax's threshold of $5,150,000, allowing the buyer to increase the property's value without having to worry about paying for ULA taxes on a future sale.
This 13,207 square foot building sits on a large 0.35 acre lot, and it boasts an excellent unit mix of twelve 2-bedroom units (80% 2-bed units), two 1-bedroom units, and one studio. The property wraps around a beautiful courtyard with well manicured landscaping, and it is fully secured with all entrances closed off from the public. There's plenty of parking for the tenants with some private garages in the front and additional parking in the back. Also, the property offers its tenants a pool and BBQ area to enjoy.
The seller has renovated 8 of the 15 units in recent years, leaving the buyer ample opportunity to capitalize on approximately 33% upside in rents through unit turns. Also, the buyer could consider converting the garages into ADUs, adding to the total unit count and significantly increasing the property's value.
Hermitage Court is located in a great pocket of Valley Village, a desirable community within the San Fernando Valley, known for its residential charm, accessibility, and convenience. The property bene?ts from its proximity to key transportation routes, shopping, dining, and entertainment options, as well as its closeness to major employment centers. This prime location not only enhances the living experience for tenants but also contributes to the property's overall attractiveness as an investment, by supporting sustained demand and the potential for rental growth. The blend of a well-maintained property, a diverse unit mix, and a prime location makes this asset a compelling opportunity for investors looking to capitalize on the Valley Village rental market.
Priced at $4,320,000, Hermitage Court is offered well below ULA Mansion Tax's threshold of $5,150,000, allowing the buyer to increase the property's value without having to worry about paying for ULA taxes on a future sale.
This 13,207 square foot building sits on a large 0.35 acre lot, and it boasts an excellent unit mix of twelve 2-bedroom units (80% 2-bed units), two 1-bedroom units, and one studio. The property wraps around a beautiful courtyard with well manicured landscaping, and it is fully secured with all entrances closed off from the public. There's plenty of parking for the tenants with some private garages in the front and additional parking in the back. Also, the property offers its tenants a pool and BBQ area to enjoy.
The seller has renovated 8 of the 15 units in recent years, leaving the buyer ample opportunity to capitalize on approximately 33% upside in rents through unit turns. Also, the buyer could consider converting the garages into ADUs, adding to the total unit count and significantly increasing the property's value.
Hermitage Court is located in a great pocket of Valley Village, a desirable community within the San Fernando Valley, known for its residential charm, accessibility, and convenience. The property bene?ts from its proximity to key transportation routes, shopping, dining, and entertainment options, as well as its closeness to major employment centers. This prime location not only enhances the living experience for tenants but also contributes to the property's overall attractiveness as an investment, by supporting sustained demand and the potential for rental growth. The blend of a well-maintained property, a diverse unit mix, and a prime location makes this asset a compelling opportunity for investors looking to capitalize on the Valley Village rental market.
Property Details
- Class
- C
- Year Built
- 1970
- Stories
- 2
- Lot Size (sq. ft)
- 15,246 SF
- Units
- 15
Highlights
- Built in 1970 | RSO Property
- Strong Value Add Potential
- Approx. 33% Upside in Rents
- Fully Gated & Secure Property
- Onsite Pool, Laundry, & BBQ
- Prime Valley Village
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