The LAAA Team of Marcus & Millichap is pleased to present this 16 unit multifamily offering in prime Sherman Oaks, California, located in one of the best and fastest growing pockets throughout the entire San Fernando Valley. This unique offering is made up of two separate and identical 8-unit buildings with a shared courtyard in between. Due to this fact, the buyer of this property will be able to save on management costs since they will not need be required hire an onsite manager that would normally be required on a 16+ unit building.

In total, these two buildings sit on a combined lot size of 0.36 acres with a total building size of 14,136 square feet, and it boasts an excellent unit mix of (8) 1 Bed / 1 Bath units, (4) 2 Bed / 1 Bath units, and (4) 3 Bed / 2 Bath units. The property offers its tenants security with a gated entrance and surveillance systems. Also, the tenants have convenient access to parking behind the building through an alley way where there are a total of 16 parking spots (1 for each unit). Furthermore, the property has a full laundry room, and the machines are owned by the sellers.

Since the sellers bought this property in 2016, they have spent nearly a million dollars renovating the property inside and out. Here is a list of renovations that the sellers have done in the past 6 years:

- renovated 14 out of the 16 units' interiors
- completely replaced the roof
- renovated the common area courtyard
- renovated the front entrance grass area
- replaced all windows throughout the property (88 windows)
- installed new electrical subpanels
- replaced water service line from meter

This near fully renovated property offers the buyer of this property over 20% upside potential in rents without the worry of significant deferred maintenance costs. The sellers of this property have great pride of ownership and attention to detail, but they were never ones to maximize their rents, which leaves an opportunity for a savvy investor to capitalize on this upside potential. Additionally, the buyer would be wise to look into the feasibility of adding ADUs to this property since each added unit would be worth significantly more than it would cost to build in this great location.

With a walk score of 77, this property is located in one of the best and quickly growing pockets of Sherman Oaks. The property is directly across the street from Trader Joe's, the Westfield Fashion Square Mall that offers an endless amount of shopping and restaurant options, and the property is also across the street from the historic Sunkist building that is currently being redeveloped by IMT Residential, which is expected to be completed in the next few years.

IMT's project will significantly increase the value of this pocket of Sherman Oaks due to their plans to build over 145,000 sqft of Class-A office space, over 12,000 sqft of retail & restaurant space, a specialty grocery store that is already pre-leased, and 249 brand-new apartment units, all on this 8+ acre lot within a stone's throw of the subject property.

To learn more about IMT's massive development that is underway across the street from this offering, please click below.
https://www.citruscommons.com/overview/