4215 Vineland Ave is a 32-unit value add multifamily opportunity on a huge lot in the heart of Studio City, offered at $8,450,000 by a motivated Seller. The property features 20 vacant units ready for immediate renovation that would achieve a 6 plus cap rate after estimated interior and exterior… Read More renovation costs. The remaining 12 occupied units have over 75% rental upside that could be unlocked over time as additional tenants relocate. The property also presents a compelling development angle: our architect designer has developed a site plan for adding 12 additional units that include 4 attached ADUs and 8 detached ADUs. The plan was developed with an emphasis on keep building costs low and retaining at least 33 parking spaces. The 8 detached ADUs would be exempt from city and state rent control for 15 years. A preliminary bid from a licensed general contractor prices the construction of the 12 ADUs at $2,850,000, bringing the total unit count to 44 and the cap rate to an estimated 7.65%. This asset is in an excellent location. Only a 10-minute walk to Ventura Blvd and short distance to major studios such as Universal, Warner Brothers and NBC, tenants can enjoy a walking lifestyle with easy access to jobs, shops and restaurants. This is a rare opportunity to own a 32 or 44 unit that is almost completely upgraded in the heart of Studio City. Read Less
Courtesy of Houze Real Estate Management 323-852-1372
Listing Snapshot
Days Online
1
Last Updated
Property Type
Other
Beds
45
Square Ft.
28,494
Lot Size
0.92 Acres
Year Built
1962
MLS Number
26838789
30 Days Snapshot Of 91602
$2.70M
+48%
(avg) sold price
6
+20%
homes sold
115
+21%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
None
Building
28,494 sq ft, Built in 1962, Levels: Two
Cooling
Wall/Window
Disclosures
None
Garage
Carport
Heating
Wall
Lot
LotSizeArea: 39,954
Parking
TotalParking: 34
Property
NumberOfUnits: 32, Zoning: LAR3
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