$5,900,000 Price Analysis   ♡   Valley Village, CA 91607 34 bed 32 bath 18,009 SqFt ($327/SqFt) 0.52 acre lot. Built 1970 Listed 2024-04-25 | Ⓧ USDA Ineligible due to price & location near Los Angeles |
We are proud to present 5222-5228 Hermitage Avenue - a value add real estate opportunity located in Valley Village
CA. The 20 unit building is comprised of 1- Studio, 4- 1 bed/1 bath, 1- 1 bed/1.5 bath, 2- 2 bed/1 bath, 9- 2 bed/2 bath, 2- 2 bed/2.5 bath and 1- 3 bed/2 bath units. Constructed in 1948 and 1970, the 20 units sits on 2 APNs which el iminates the need for an on-site manager. The property spans 18, 009 gross square feet and is set on a total 0.52-acre lot. The property has ample gated and garage parking for tenants with easy access through the front or either side of the properties. To enhance the quality of living for residents, the property features a smoke-free environment, intercom, laundry facilities and pool.One of this property's significant attractions is the fantastic value-add potential. Current rents at the property are approximately 33% below the market rate, presenting a significant opportunity for the buyer. Assuming the buyer can turn over all units and achieve market rents throughout, we estimate that the units could bring in about $54, 000 in gross rental income each month or about $650, 000 per year, increasing the buyer's CAP rate to 7.55%!
The location of 5222-5228 Hermitage Ave in Valley Village is particularly noteworthy with a Walk Score of 79 (Very Walkable). Valley Village is a desirable community within the San Fernando Valley, known for its residential charm, accessibility and convenience. The property benefits from its proximity to key transportation routes, shopping, dining and entertainment options, as well as its closeness to major employment centers. This prime location not enhances the living experience for tenants but also contributes to the property's overall attractiveness as an nvestment, by supporting sustained demand and the potential for rental growth. The blend of a well-maintained property, a diverse unit mix and a prime location makes this asset a compelling opportunity for investors looking to capitalize on the Valley Village rental market.
Presented by Filip Niculete at
Marcus & Millichap.
Property MLS #24-384619 from TheMLSCLAW
Full Bathrooms: 32
Laundry Features: Community, Laundry Area
Lot Size Source: Assessor
Lot Size Square Feet: 22851
Calculated Total Monthly Association Fees: 0
Number of Units: 20
Unit Features: 1 BathsTotal: 1, 1 SquareFeet: 1850, 2 BedsTotal: 1, 2 BathsTotal: 1, 2 SquareFeet: 11100, 3 BedsTotal: 2, 3 BathsTotal: 1, 3 SquareFeet: 5500, 4 BedsTotal: 2, 4 BathsTotal: 2, 4 SquareFeet: 32098, 5 BedsTotal: 3, 5 BathsTotal: 2, 5 SquareFeet: 3600
County: Los Angeles
Cap Rate: 5.25
Directions: Hermitage & Magnolia
Source Property Type: Residential Income
Area: Valley Village
Source Neighborhood: Valley Village
Parcel Number: UNAVAILABLE
Zoning: LAR3
Source System Name: C2C
$5,900,000
TheMLSCLAW
Listed 2024-04-25
$6,100,000
TheMLSCLAW
Year Built: 1970
Levels: Two Level
Living Area Source: Assessor
Property Age: 54
Levels or Stories: 2
Building Total Stories: 2
Year Built Source: Assessor
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.