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listing
1 of 17
Residential IncomeSold
List Price $10,500,000
Sold Price $10,460,000
4417 Hazeltine Avenue
Sherman Oaks, CA
Listed by Roderick 'Rick' Raymundo DRE#01357019 [email protected] Marcus & Millichap
MLS: California Regional MLS (CRMLS)
Est. Mortgage
$54,299/mo

Featuring rooftop decks, garage parking, and an upgraded fitness center that includes new cardio machines and a TRX suspension trainer, the property has been able to attract new tenants despite the recent pandemic, and has maintained 100% occupancy for the past eight months. In fact, each of the top market rents has already been proven through multiple new leases signed during the height of the pandemic, showing that a new owner may be able to keep achieving these rent levels or higher, as market conditions continue to improve. Constructed in 1990, the property is not subject to the more restrictive Los Angeles rent control, instead allowing for higher annual rent increases. The community had already been well-maintained for years before ownership recently conducted a campaign to upgrade and modernize the property, creating improved cash flow in the process. Rents for the six renovated apartments increased by an average of $604 per month above their previous rents, creating a model that a new owner can continue in order to capture the assets rent upside. In addition, a new RUBS program has been implemented, providing a further boost to the future owners revenue. Boasting a favorable unit mix that contains mostly two bedroom apartments, the property offers highly-amenitized interiors.

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Information courtesy of Marcus & Millichap is subject to verification and is not guaranteed.
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