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4417 Hazeltine Ave

Sherman Oaks, CA 91423
  • $10,460,000
  • STATUS: Closed
  • ON SITE: 472 Days
  • ID#: 21-745116
Sold - 08/23/2021
$10,460,000
SOLD - 08/23/2021
  • 39
    BEDS
  • 0.39
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 22,585
    SQFT
  • $0
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1990
County:
Area:

School Ratings & Info

Description

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.

Sold by Roderick 'Rick' Raymundo BRE#01357019 of Marcus & Millichap.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-09-26T18:43:22.487. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.brandiprattrealestate.com/homes/118080269
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4417 Hazeltine Ave Sherman Oaks, CA 91423

  • Price: $10,500,000
  • Status: Closed
  • On Site: 472 Days
  • Updated: 38 min ago
  • ID#: 21-745116
39
Beds
0
Baths
0
½ Baths
0.39
Acres
22,585
SQFT
$0
$/SQFT
1990
Built
Neighborhood:
Sherman Oaks
County:
Los Angeles
Area:
Sherman Oaks
Property Description
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.
Exterior Features

Lot Size Area 17175 Other Structures None Parking Garage Garage Total Parking 0

Interior Features

Baths Total 39.00 Cooling Central Equipment Other Heating Central

Property Features

Assessed Total Value 9000000 Gross Income 626232 Gross Operating Income 640572 Like Units1 9 Like Units2 15 Net Operating Income 368753.00 Number Of Buildings 1 Number Of Units 24 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Source Lot Size Dimensions Vendor Enhanced Total Annual Expense 253032 Type Of Units Residential Year Built Source Vendor Enhanced Zoning Lar3

Listing provided courtesy of Roderick 'Rick' Raymundo DRE#01357019 of Marcus & Millichap: 213-943-1800.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-09-26T18:43:22.487. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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eXp Realty of California, Inc.
2603 Camino Ramon, Suite 200
San Ramon CA, 94583