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$3,100,000
Est. payment /mo
13 Beds
26 Baths
11,472 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 11,472 sqft
Price per Sqft $270
MLS Listing ID 26842003
Bedrooms 13
HOA Y/N No
Year Built 1987
Lot Size 0.368 Acres
Property Description
Because the property was constructed in 1987, it is not subject to Los Angeles rent control and instead allows for higher annual rent increases via AB 1482. A new investor can capitalize on both the impressive immediate cash flow, as the building is being offered with an attractive 6.75% CAP Rate, and more rapid potential income growth without the restrictions of Los Angeles rent control. The building consists entirely of large one-bedroom townhouse-style units, each above its own private two-car parking garage. The 11,472 total rentable square feet are spread over the 13 units, resulting in spacious floorplans that feature desirable tenant amenities. Each unit includes central air/heat as well as two fireplaces, two balconies, ceiling fans, and large walk-in closets. Plumbing at the property consists of copper pipes, leading to more efficient utility usage with fewer maintenance and repair expenses. Also reducing an investor's maintenance expenses is the fact that the building does not appear on the Los Angeles Department of Building & Safety's seismic retrofit list, saving an owner from an otherwise substantial cost. Situated near the intersection of Saticoy Street and Reseda Boulevard, the property is less than three miles south of California State University-Northridge and is a similar distance from shops and restaurants at the Northridge Fashion Center shopping mall. Numerous nearby retailers include Costco Wholesale, Target, Best Buy, Lowe's Home Improvement, and a new Porto's Bakery and Cafe. Tenants enjoy convenient access to the adjacent Granada Hills/Northridge area, as well as Encino, Woodland Hills, and Warner Center. The new Topanga Village shopping mall and the upcoming massive Promenade 2035 mixed-use development, to be constructed by Los Angeles Rams owner Stan Kroenke, are both mere miles from the property, allowing residents convenient access to several exciting new destinations.
Location
State CA
County Los Angeles
Area Res - Reseda
Zoning LAR3
Interior
Fireplace No
Exterior
Parking Features Assigned
Garage Spaces 26.0
Garage Description 26.0
Total Parking Spaces 26
Building
Story 3
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 2103026202
Special Listing Condition Standard
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Listed by Roderick 'Rick' Raymundo Marcus & Millichap #01357019
NEARBY SCHOOL & BUSINESS
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