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$7,840,000
Est. payment /mo
1 Bed
40 Baths
17,690 SqFt
UPDATED:
12/05/2024 02:15 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 17,690 sqft
Price per Sqft $443
MLS Listing ID 24383033
Bedrooms 1
HOA Y/N No
Year Built 1965
Lot Size 0.510 Acres
Property Description
We are proud to present 5020 Tujunga Avenue - a value add real estate opportunity located in North Hollywood, CA. The 40 unit building is comprised of 15- Bachelors 24- Studios complimented by 1- 1 bedroom unit. Constructed in 1965, the property spans 17,690 gross square feet, and is set on a 0.51-acre lot. The property has ample parking spots for tenants with easy access through an alley that leads behind the property. To enhance the quality of living for residents, the property features a smoke-free environment, security systems, intercom, storage spaces, laundry facilities, pool, maintenance & manager on-site, walk-in closets and balconies.One of this property's significant attractions is the great value-add potential. Current rents at the property are approximately 33% below the market rate, presenting a significant opportunity for the buyer. Assuming the buyer can turn over all units and achieve market rents throughout, we estimate that the units could bring in about $77,000 in gross rental income each month, or about $929,000 per year, increasing the buyer's CAP rate to 8.57%!With all rents being below 80% of AMI (Area Median Income), this property qualifies for lower than market-rate financing from Freddie Mac due to this affordability aspect. Additionally, a new owner can convert the project into affordable housing which could significantly lower property taxes and add a lot to the property's net income and value. Please reach out to learn more. The location of 5020 Tujunga Ave in North Hollywood is particularly noteworthy. Nestled in a vibrant and evolving area, this property benefits from its proximity to key commercial and entertainment hubs, including the NoHo Arts District, renowned for its lively arts scene, theaters, cafes, and eclectic dining options. Tenants have ease of access to North Hollywood & Valley Village Park as well as the North Hollywood Recreation Center directly across the street. Additionally, the property is well connected through public transportation networks and major roadways, enhancing accessibility and convenience for residents. The proximity to various film studios and creative industries in North Hollywood also makes this location desirable for professionals working within these sectors, potentially increasing demand for rental units.
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Zoning LAR4
Interior
Fireplace No
Exterior
Parking Features Covered
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2353014036
Special Listing Condition Standard
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Listed by Filip Niculete • Marcus & Millichap
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Tracy Thrower Conyers
Broker Associate, JD | License ID: 01712960
Broker Associate, JD License ID: 01712960