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12958 Valleyheart Drive

Studio City, CA 91604
  • $7,950,000
  • STATUS: Active
  • ON SITE: 36 Days
  • ID#: SR22074354
$7,950,000
  • 0
    BEDS
  • 0.54
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1962
County:

School Ratings & Info

Listing Agent(s): Mike Monteleone of Monteleone Real Estate,Inc (818-449-7004)


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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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.
www.northsdrealty.com/homes/127933136
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12958 Valleyheart Drive Studio City, CA 91604

  • Price: $7,950,000
  • Status: Active
  • On Site: 36 Days
  • ID#: SR22074354
0
Beds
0
Baths
0
½ Baths
0.54
Acres
1962
Built
Neighborhood:
STUD - Studio City
County:
Los Angeles
Area:
STUD - Studio City
Property 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!!
Exterior Features

Architectural Style Mid-Century Modern Carport Spaces 11 Carport YN Yes Construction Materials FrameCopper Plumbing Direction Faces North Entry Location Valley Heart Dr Fencing Fair ConditionNeeds RepairWood Foundation Details Slab Lot Features Back YardGardenLawnLandscapedLevelNear ParkNear Public TransitPavedRectangular LotSecludedSprinkler SystemStreet LevelValue In LandYard Number Of Separate Electric Meters 16 Open Parking Spaces 10 Parking Features AsphaltCoveredCarportGuestOn SiteUncovered Parking Total 21 Pool Features FencedGuniteHeatedPrivateTile Pool Private YN Yes Property Attached YN Yes Road Frontage Type City Street Road Surface Type Paved Roof Tar/Gravel Spa Features None Spa YN No View Mountain(S)NeighborhoodPoolRiverValley View YN Yes Waterfront Features River Front

Interior Features

Accessibility Features ParkingAccessible Doors Appliances Built-In RangeDishwasherGas CooktopDisposalGas OvenGas RangeHigh Efficiency Water HeaterHot Water CirculatorRange HoodDryerWasher Common Walls 2+ Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Door Features Sliding Doors Fireplace Features GasGas StarterLiving Room Fireplace YN Yes Flooring CarpetVinylWood Heating CentralFireplace(S)Wall Furnace Heating YN Yes Interior Features BalconyCathedral Ceiling(S)High CeilingsOpen FloorplanStorageBedroom On Main Level

Property Features

Additional Parcels YN No Association YN No Cap Rate 2.64 Common Interest Community Apartment Community Features CurbsGolfMountainousValleyPark Current Financing None Disclosures Listing Broker AdvantageRent Control Electric Standard Electric Expense 5990 Fuel Expense 4626 Garage YN No Gross Income 408972 Gross Scheduled Income 408972 Insurance Expense 6065 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms ConventionalSubmit Maintenance Expense 21340 Net Operating Income 211030 New Construction YN No New Taxes Expense 99375 Number Of Separate Gas Meters 16 Number Of Separate Water Meters 0 Number Of Units Leased 8 Operating Expense 189763 Pool Expense 1610 Possession Close Of Escrow Property Condition Additions/AlterationsFixerRepairs Cosmetic Property Sub Type Apartment Rent Control YN Yes Security Features Fire Detection SystemResident ManagerSmoke Detector(S) Senior Community YN No Sewer Public SewerSewer Tap Paid Special Listing Conditions StandardTrust Tenant Pays ElectricityGas Total Actual Rent 41400 Trash Expense 4701 Utilities Electricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater Connected Vacancy Allowance 8179 Vacancy Allowance Rate 2 Water Sewer Expense 9678 Water Source Public Zoning Lar3



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.
 
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The Houston Team | Compass CA DRE#01991628
2100 Costa Del Mar
Carlsbad CA, 92009
Listing Agent(s): Mike Monteleone of Monteleone Real Estate,Inc (818-449-7004)