Marcus & Millichap is proud to present a great opportunity to own a value add 28-unit apartment building in an excellent Valley Village location. Located just East of Laurel Canyon Blvd, the property is close to the NoHo Arts District, Los Angeles Valley College and just minutes to North Hollywood Metro Rail Station. Built in 1956, the property is subject to rent control. There is an attractive unit mix of 23 Two-Bedroom/One-Bath Units, Four, One-Bedroom/One-Bath Units and One Studio.
The property is situated on a large corner lot at the cross of Burbank Boulevard and Radford Avenue. Residents enjoy the low density feel as well as amenities such as BBQ picnic area, bike racks, gated covered and uncovered parking, nicely landscaped courtyard, and an on-site laundry facility.
Currents owners have invested significant capital in interior and exterior renovations including copper re-piping, four new central water heaters, landscaping, and some interior unit renovations including granite counter tops in the kitchens.
Investors should view this as a perfect value-add opportunity given the extremely low rents at the property. With at least 30% upside in rents, a new owner can continue the renovation program and increase cash flow as units turn. Furthermore, there is excellent potential to redevelop the property given the corner location and spacious LAR3 lot of 33,748-square feet.
