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5821 Hazeltine Avenue

Van Nuys, CA 91401
  • $1,225,000
  • STATUS: Active
  • ON SITE: 16 Days
  • ID#: 22154781
UPDATED: 33 min ago
$1,225,000
  • 0
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1928
County:

School Ratings & Info

Listing Agent(s): Filip Niculete of Marcus & Millichap (818-212-2700)


Description

We are pleased to present this 4 unit property located at 5821 Hazeltine Ave in Van Nuys, CA, ideally situated South of Oxnard Street, and just two blocks north of the Sherman Oaks city border at Burbank Blvd. This 4 unit offering sits on a 0.14 acre lot, it has an alleyway behind the property for easy access to the property's gated parking, and it comes with 3 units that are not subject to LA City Rent Control (only subject to AB-1482). The offering is comprised of a stand alone, 800 square foot, 2 bedroom house in front, which was built in 1928 and subject to LA rent control, and a triplex at the back of the lot which was built in December 1978 and is comprised of (2) 1 bed units and (1) bachelor. Since this triplex in back was built after the cutoff for LA Rent Control, those three apartment units are not subject to LA's strict rent control laws, and they are only subject to the more lenient AB-1482 rent control laws which allows annual rent increases equal to 5% + CPI. Also, the front 2-bed house was fully renovated in 2015 with all new electrical, plumbing, floors, kitchen, bathroom, etc. The seller of this property has owned this building since the 1970s, almost 50 years of ownership. In fact, the seller is the one who built the triplex in the back of the lot in December 1978. The property has been maintained with extreme care over the decades, like you would expect from a pride of ownership mom and pop landlord.The property presents the buyer with a couple of avenues to add value. First, the current rents are approximately 24% below full market potential. For the non-rent-controlled triplex, you can get those rents up to full market potential much quicker than you'd be able to for LA rent controlled units. For the front house that is rent controlled, a strategic buyer could potentially owner-occupy that house for a period of time, which would be the easiest avenue to get that rent controlled unit vacant. This would allow the buyer to capture a large amount of upside potential when re-leased at market rents in the future. Lastly, a buyer would be wise to speak with ADU companies about the converting the 4 tuck under parking spots in the back to an ADU, which would be great way to add much more value than the cost of construction would be. Lastly, the tuck under parking in the alleyway is not on LA City's list of properties that need to be retrofitting for earthquake safety.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-26T09:30:26.053. 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/128518464
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5821 Hazeltine Avenue Van Nuys, CA 91401

  • Price: $1,225,000
  • Status: Active
  • On Site: 16 Days
  • Updated: 33 min ago
  • ID#: 22154781
0
Beds
0
Baths
0
½ Baths
0.14
Acres
1928
Built
Neighborhood:
SO - Sherman Oaks
County:
Los Angeles
Area:
SO - Sherman Oaks
Property Description
We are pleased to present this 4 unit property located at 5821 Hazeltine Ave in Van Nuys, CA, ideally situated South of Oxnard Street, and just two blocks north of the Sherman Oaks city border at Burbank Blvd. This 4 unit offering sits on a 0.14 acre lot, it has an alleyway behind the property for easy access to the property's gated parking, and it comes with 3 units that are not subject to LA City Rent Control (only subject to AB-1482). The offering is comprised of a stand alone, 800 square foot, 2 bedroom house in front, which was built in 1928 and subject to LA rent control, and a triplex at the back of the lot which was built in December 1978 and is comprised of (2) 1 bed units and (1) bachelor. Since this triplex in back was built after the cutoff for LA Rent Control, those three apartment units are not subject to LA's strict rent control laws, and they are only subject to the more lenient AB-1482 rent control laws which allows annual rent increases equal to 5% + CPI. Also, the front 2-bed house was fully renovated in 2015 with all new electrical, plumbing, floors, kitchen, bathroom, etc. The seller of this property has owned this building since the 1970s, almost 50 years of ownership. In fact, the seller is the one who built the triplex in the back of the lot in December 1978. The property has been maintained with extreme care over the decades, like you would expect from a pride of ownership mom and pop landlord.The property presents the buyer with a couple of avenues to add value. First, the current rents are approximately 24% below full market potential. For the non-rent-controlled triplex, you can get those rents up to full market potential much quicker than you'd be able to for LA rent controlled units. For the front house that is rent controlled, a strategic buyer could potentially owner-occupy that house for a period of time, which would be the easiest avenue to get that rent controlled unit vacant. This would allow the buyer to capture a large amount of upside potential when re-leased at market rents in the future. Lastly, a buyer would be wise to speak with ADU companies about the converting the 4 tuck under parking spots in the back to an ADU, which would be great way to add much more value than the cost of construction would be. Lastly, the tuck under parking in the alleyway is not on LA City's list of properties that need to be retrofitting for earthquake safety.
Exterior Features

Parking Features Covered Parking Total 4

Property Features

Association Fee 0 Gross Income 77400 Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 50208 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning Lard1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-26T09:30:26.053. 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): Filip Niculete of Marcus & Millichap (818-212-2700)