12211-12221 Vanowen Street

    North Hollywood, CA 91605
    • $4,650,000
    • STATUS: Closed
    • ON SITE: 218 days
    • ID#: SB18110167
    Sold - 10/05/2018
    $4,650,000
    SOLD - 10/05/2018
    • 0
      BEDS
    • 0.21
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 17,394
      SQFT
    • $267
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1958
    County:

    School Ratings & Info

    Description

    The investment offering is a 28 unit multifamily property comprised of two 14 unit apartment complexes on two separate, but adjacent parcels. Each building has 12 one bedroom one bath units, and 2 two bedroom one bath units. The property has been very well maintained by the same family who has owned and operated the building for two generations. Over the years, approximately 50% of the plumbing has been upgraded to copper piping. Recent capital improvements consist of new roofs, new decking/stairs, new exterior paint, new automated parking gate. Several units have been upgraded with hardwood floors and stainless steel appliances as they have turned over, yielding up to a 40% increase in rent rates. The property has a common driveway entering the secured parking with 14 tuck under parking spaces per building for a total of 28 vehicles. The property is subject to the Soft-Story Retrofit Ordinance #183893 which the buyer shall be responsible for compliance after the closing.The property is located in North Hollywood, just minutes from the NOHO Arts District, Universal Studios, Burbank, Toluca Lake and Sherman Oaks, and is within a few blocks of the Whitsett Sports Fields, Bellingham Elementary, eateries, and Ralphs Grocery on Laurel Canyon. This location provides convenient access to the major employment centers of Downtown Los Angeles and Hollywood via the 170/134/101 freeway system.

    Sold by Jared Levine of Keller Williams Realty Calabasas.

    Monthly Payment Calculator



    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-15T14:29:48.957. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.impactca.com/homes/83435966

    12211-12221 Vanowen Street North Hollywood, CA 91605

    • Price: $4,750,000
    • Status: Closed
    • Updated: 64 min ago
    • ID#: SB18110167
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.21
    Acres
    17,394
    SQFT
    $267
    $/SQFT
    1958
    Built
    Neighborhood:
    NHO - North Hollywood
    County:
    Los Angeles
    Area:
    NHO - North Hollywood
    Property Description
    The investment offering is a 28 unit multifamily property comprised of two 14 unit apartment complexes on two separate, but adjacent parcels. Each building has 12 one bedroom one bath units, and 2 two bedroom one bath units. The property has been very well maintained by the same family who has owned and operated the building for two generations. Over the years, approximately 50% of the plumbing has been upgraded to copper piping. Recent capital improvements consist of new roofs, new decking/stairs, new exterior paint, new automated parking gate. Several units have been upgraded with hardwood floors and stainless steel appliances as they have turned over, yielding up to a 40% increase in rent rates. The property has a common driveway entering the secured parking with 14 tuck under parking spaces per building for a total of 28 vehicles. The property is subject to the Soft-Story Retrofit Ordinance #183893 which the buyer shall be responsible for compliance after the closing.The property is located in North Hollywood, just minutes from the NOHO Arts District, Universal Studios, Burbank, Toluca Lake and Sherman Oaks, and is within a few blocks of the Whitsett Sports Fields, Bellingham Elementary, eateries, and Ralphs Grocery on Laurel Canyon. This location provides convenient access to the major employment centers of Downtown Los Angeles and Hollywood via the 170/134/101 freeway system.
    Exterior Features

    Garage Spaces 0.00 Lot Features Lot 20000-39999 Sqft Lot Size Source Assessor Lot Size Units Square Feet Parking Total 0.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 2+ Common Walls Laundry Features Area Levels Two

    Property Features

    Additional Parcels Description 2321-013-062 Additional Parcels YN No Building Area Units Square Feet Cap Rate 4.14 Community Features Curbs Country Us Electric Expense 2415.00 Elevation Units Feet Fuel Expense 6913.00 Gross Income 367913.00 Gross Multiplier 12.64 Gross Operating Income 357024.00 Gross Scheduled Income 362969.00 Insurance Expense 5965.00 Land Lease YN No Laundry Income 4944.00 Laundry YN Yes Net Operating Income 191341.00 New Taxes Expense 56668.00 Number Of Separate Electric Meters 30 Number Of Separate Gas Meters 30 Number Of Separate Water Meters 2 Number Of Units Leased 27 Operating Expense 165683.00 Professional Management Expense 18030.00 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Actual Rent 30247.00 Total Expenses 165683.00 Trash Expense 4933.00 Vacancy Allowance 10889 Vacancy Allowance Rate 3.00 Water Sewer Expense 32575.00 Water Source Public Year Built Source Assessor Zoning Lar3

    Listing provided courtesy of Stephen Lampe of Re/Max Commercial & Investment.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-15T14:29:48.957. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
    Impact Real Estate
    28693 Old Town Front St #300-C
    Temecula CA, 92590