Description
Value-Add Opportunity! 16 Unit Mid-Century Retro Garden Style Apartments in Prime Class "A" Location. Studio City is known as "The Jewel of The Valley". Close to New $100 Million Dollar Project-Shops at Sportsman's Lodge and $500 Million Dollar Project by Midwood. 1 block to Iconic Ventura Blvd & Ralphs Market. Close to Best Restaurants, Golf & Tennis Courts, Riverwalk Etc. Large units with Homestyle living and great privacy. Approx. 15,293 sf on .54 Acres (23,710) plus LAR-3 Zone. First time on the market in over 57 years! A Rare Opportunity for Investors to purchase a 16 Unit building with 8-Units Unrented & Decontrolled plus Rent Ready. 8- additional Units are rented 60% under market subject to Rent Control. New owners can immediately rent 8- units and achieve Maximum Rents. Great Unit Mix with 2- 3Br+2Ba, 3- 2Br+2Ba, 11-1Br+1Ba. 3 Bedroom Unit ideal for owners. Note! Current Rents on Financial Statement reflects all Units Rented and at Fair Market Rent but is Projected Income. New owner can Add Value through Capital Improvements, Increased Depreciation & Rent Growth. Also, a possibility to build up to 29 Units on current R-3 Zone. (Buyer to Verify). There's an 18 x40 Olympic Style heated pool, separate laundry room, separate yards, balconies, open floor plans, views, vaulted ceilings, large closets, built-ins, hardwood floors and fireplaces in many units. Separate Gas & Electric Meters. Soft Story Retrofit has been completed and 100% Copper Plumbing. 21 car parking with 11 covered. This is a Rare Find & Opportunity in Class "A" Location. Hurry!!
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0.54ACRES
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01/2 BATHS
School Ratings & Info
Description
Value-Add Opportunity! 16 Unit Mid-Century Retro Garden Style Apartments in Prime Class "A" Location. Studio City is known as "The Jewel of The Valley". Close to New $100 Million Dollar Project-Shops at Sportsman's Lodge and $500 Million Dollar Project by Midwood. 1 block to Iconic Ventura Blvd & Ralphs Market. Close to Best Restaurants, Golf & Tennis Courts, Riverwalk Etc. Large units with Homestyle living and great privacy. Approx. 15,293 sf on .54 Acres (23,710) plus LAR-3 Zone. First time on the market in over 57 years! A Rare Opportunity for Investors to purchase a 16 Unit building with 8-Units Unrented & Decontrolled plus Rent Ready. 8- additional Units are rented 60% under market subject to Rent Control. New owners can immediately rent 8- units and achieve Maximum Rents. Great Unit Mix with 2- 3Br+2Ba, 3- 2Br+2Ba, 11-1Br+1Ba. 3 Bedroom Unit ideal for owners. Note! Current Rents on Financial Statement reflects all Units Rented and at Fair Market Rent but is Projected Income. New owner can Add Value through Capital Improvements, Increased Depreciation & Rent Growth. Also, a possibility to build up to 29 Units on current R-3 Zone. (Buyer to Verify). There's an 18 x40 Olympic Style heated pool, separate laundry room, separate yards, balconies, open floor plans, views, vaulted ceilings, large closets, built-ins, hardwood floors and fireplaces in many units. Separate Gas & Electric Meters. Soft Story Retrofit has been completed and 100% Copper Plumbing. 21 car parking with 11 covered. This is a Rare Find & Opportunity in Class "A" Location. Hurry!!
Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T00:32:21.227. 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 or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.