4528 Vista Del Monte Ave, Sherman Oaks

The LAAA Team of Marcus & Millichap is proud to announce another successfully sold listing of this eight unit multifamily property located at 4528 Vista Del Monte Avenue, Sherman Oaks, CA.

With our unmatched marketing platform and database of multifamily investors, we were able to generate 5 offers on this listing within the first week of marketing. After a few rounds of negotiations, we were able to get a 1031 exchange buyer to separate themselves from the pack with a $1,995,000 priced offer, just $5,000 below our list price. Furthermore, this winning buyer's offer had just a 5 day inspection contingency period and a quick 30 day close. The buyer performed perfectly as stated by the contract, and we were able to have a very smooth escrow without any hiccups.

If you want to learn more about this successful sale, or if you want a pricing analysis of your multifamily property, please reach out to us today!

Description of Deal

The property is ideally situated south of the 101 Freeway and two blocks north of the Ventura Blvd and Van Nuys Blvd intersection, where tenants are within walking distance of Gelson's, Best Buy, CitiBank, US Bank, Pacific Movie Theatres, Shell Gas Station, In-N-Out Burger, and the countless shops and restaurants that the famous Ventura Blvd has to offer.

This value add 8-unit opportunity, with over 65% upside potential in rents, has a good unit mix of (7) 1-Bed / 1-Bath units and (1) 2-Bed / 2-Bath "Owner's" Unit. Most of the tuck under parking is located behind the building in the alleyway, and the Seller has already paid for and completed the soft story retrofitting required on those tuck under parking spaces. Each of the 1-Bed units comes with one parking spot, and the 2-Bed "owner's" unit gets two parking spots. Each unit has its own unique floorplan, and all units have at least 2 wall units for A/C and heating. Furthermore, the building has been maintained very well throughout the decades of this family's ownership, with recent upgrades to the roof, water heaters, and tuck under parking retrofit. There is little deferred maintenance to speak of, and offers an investor the opportunity to get the rents up without having to worry about significant capital expenditures to the property. Instead, an investor can focus their money on upgrading the units and getting rents up to market rates over time.

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