4417 Hazeltine Ave

Estimated Monthly Payment: $47,882/mo 4417 Hazeltine Ave, Sherman Oaks, CA 91423 MLS# 21-745116 Residential Income Listing Status: Active
39
22,585 sqft
56
0
0
0

REMARKS:

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.

OVERVIEW:

Residential Income
Active
1990
0.39
22585
50x105
None
Garage
Central
Central

FEATURES:

Other

ROOM INFO:

39

FINANCIAL:

$10,500,000

NEIGHBORHOOD & SCHOOL INFORMATION:

Broker Reciprocity Courtesy of Roderick 'Rick' Raymundo - Marcus & Millichap

 

 

 

The data relating to real estate for sale on this web site comes in part from the Combined L.A./Westside MLS. Real estate listings held by brokerage firms other than Forward Studio City, Keller Williams Realty are marked with the IDX logo.

 

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Data last updated: 08/05/2021