Offering

Offering Overview

A 13 unit apartment property on the North Hollywood and Valley Glen border. The two story building was completed in 1976 and holds eleven 2BR/2BA and two 3BR/2BA units, 14,887 gross square feet on a 16,799 square foot R3-1 lot, with a detached gated garage for every unit and a pool.

1. 01

   41% rental upside. Scheduled rent of $299,119 grows to $422,820 at market rents of $2,695 and $2,795.

2. 02

   Three leases since November 2024. Units 206, 207 and 203 average $2,562 a month.

3. 03

   First time on the market since 2000. One ownership since the May 2000 purchase.

4. 04

   Seismic retrofit and copper repipe complete. Chapter 93 retrofit certified March 2021; potable water repipe finaled 2015.

5. 05

   New roof before close of escrow. Ownership is installing a new roof in September 2026, with the contract in the due diligence package.

6. 06

   Private gated garage for every unit. Thirteen detached garages on the rear alley, plus a pool.

7. 07

   Large units, 1,145 SF average. Eleven 2BR/2BA of about 1,125 SF and two 3BR/2BA of about 1,250 SF.

8. 08

   Expense upside on turnover. $50,655 of owner paid utilities on the trailing twelve months; a utility bill-back (RUBS) is the first project.