4517 Hazeltine Ave
The LA Apartment Advisors are pleased to present this third price reduction for these 4 units located at 4517 Hazeltine Avenue in Sherman Oaks, which are now priced to sell. Built in 1954, the offering consists of two 1-bed/1-bath units and two 2-bed/1-bath units. This extremely well located property offers an investor the opportunity to capitalize on over 40% upside in rents without the hassle of dealing with any deferred maintenance since the structure is in very good shape.
This 4-unit property qualifies for residential financing, therefore an investor can take advantage of today's historically low interest rates and lock in a 30-year fixed rate loan. Furthermore, you can put down as low as 20% with residential financing, which means you will only need a down payment of $266,000 at list price.
The property also has great redevelopment potential. It is situated on a 6,036 square foot lot and is zoned R3, which allows for the potential of future redevelopment of up to 10 units. At our new list price, that comes out to $133,000 per buildable unit and $220 per foot of land. Furthermore, even if you do not want to redevelop this today, a savvy investor should recognize the value that this future redevelopment brings to this deal. Whether you are looking to flip this to a developer down the line, or if you plan on redeveloping yourself in 10 years, this zoning potential provides an excellent "exit strategy."
The offering is well situated proximate to major freeways, less than a mile from The Westfield Fashion Square, all business corridors, and dining & entertainment. This investment provides an investor the opportunity to own a extraordinary property in a strong/centrally located rental pocket with the added benefit to owner occupy and have rents pay for all expenses.