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$ 8,749,999
Est. payment | /mo
1.37 Acres Lot
$ 8,749,999
Est. payment | /mo
1.37 Acres Lot
Key Details
Property Type Multi-Family
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID PTP2405347
HOA Y/N No
Year Built 1970
Lot Size 1.370 Acres
Property Description
Runnymede Holiday Apartments presents opportunity to acquire a desirable garden style 40-unit complex consisting of open, low-density grounds and attractive low-maintenance construction consisting of an ideal (12) 1 bedroom / 1 bath units at 650 sqft, (20) 2 Bedroom / 1 bath units at 950 sqft, and (8) 3 bedroom / 2 bath units at 1200 sqft. The property does not possess any decks, tuck-under parking, or exterior catwalks, thereby removing large capital expenditure items for long-term operations. Current GSI: $791,876 Full Market GSI: $1,257,990 In-place NOI: $482,331 Proforma NOI: $870,257 The grounds consist of mature vegetation, open walkways, a picnic and playground area, a large onsite laundry facility, and fully gated grounds and parking. Vegetation within the complex consists of mature roses, eucalyptus trees, succulents, and Hibiscus trees, providing a pleasant atmosphere for tenants to help boost the ultimate rent potential and reduce turnover. Renovations: Roughly 18-20 units are partially renovated including: new flooring, refinished cabinets & hardware, new countertops, new appliances, new bathroom shower tub enclosures and paint throughout. 3-4 units at the property are fully renovated, which includes all items of the partially renovated units plus new shaker cabinets and new bathroom vanity(s). Ownership has been able to achieve rents north of $2,000 for the 1 bedrooms and north of $2570+ for the 2 bedrooms. On a granular location basis, the asset parcel is well located between a beautiful nursery and low-density multifamily complex within 0.1 Miles of two new construction institutional grade Multifamily complexes showcasing a bullish microeconomic drive in the immediate pocket
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Zoning Multifamily
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Curbs
View Y/N No
Private Pool No
Building
Lot Description 36-40 Units/Acre
Story 2
Sewer Public Sewer
Others
Senior Community No
Tax ID 2317017020
Energy Description 16265.0
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
Listed by Maxwell Brown • Commercial Asset Advisors • mbrown@caacre.com
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Dan Andrizzi
Broker-Associate | Lic# 01440387