Due to its construction in 1987, the property is not subject to Los Angeles rent control and instead allows for higher annual rent increases via AB 1482. Given its attractive 6.46% CAP Rate, the asset offers an investor both strong immediate cash flow as well as the opportunity to… Read More increase future income more rapidly without the restrictions of Los Angeles rent control. With spacious one-bedroom floorplans averaging approximately 875 square feet each, the property can more easily attract higher-paying tenants. Its array of desirable amenities, including central air/heat, private balconies, and on-grade garage parking, allow the building to achieve more premium rents than competing apartments in the local area. Several of the units have already been thoroughly upgraded, saving an owner from future renovation costs while providing a clear blueprint for remodeling the remaining apartments. Interior upgrades in renovated units include wood flooring, stone countertops, stainless steel appliances, recessed lighting, and new ceiling fans. The building does not appear on the Los Angeles Department of Building & Safety's seismic retrofit list, saving an investor from an otherwise costly maintenance expense. Located near the intersection of Sherman Way and Haskell Avenue, the property offers residents incredibly easy access to the 405 Freeway, connecting tenants to various job centers and retail destinations throughout the San Fernando Valley and Greater Los Angeles Metro area. Read Less
Courtesy of Marcus & Millichap 818-212-2700
Listing Snapshot
Days Online
15
Last Updated
Property Type
Other
Beds
10
Square Ft.
8,830
Lot Size
0.16 Acres
Year Built
1987
MLS Number
26845473
30 Days Snapshot Of 91406
$1.39M
+50%
(avg) sold price
2
-83%
homes sold
56
+1%
(avg) days on market
Snapshot
Area Map
Additional Details
Appliances & Equipment
"Other"
Building
8,830 sq ft, Built in 1987, Levels: "Multi Levels"
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