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Rick Lee

rickjleehomes@gmail.com +1(714) 943-1598

$ 4,320,000

Est. payment -/mo

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5228 Hermitage AVE Valley Village, CA 91607

26 Beds

25 Baths

13,207 SqFt

UPDATED:

09/30/2024 06:29 PM

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 13,207 sqft

Price per Sqft $327

MLS Listing ID 24431091

Bedrooms 26

HOA Y/N No

Year Built 1970

Lot Size 0.350 Acres

Property Description

We are pleased to present Hermitage Court, a 15-unit apartment community in Valley Village, CA. Built in 1970, this property is subject to LA Rent Control (RSO), but it is not required to have an onsite manager, saving the landlord a signicant expense.Priced at $4,320,000, Hermitage Court is offered well below ULA Mansion Tax's threshold of $5,150,000, allowing the buyer to increase the property's value without having to worry about paying for ULA taxes on a future sale.This 13,207 square foot building sits on a large 0.35 acre lot, and it boasts an excellent unit mix of twelve 2-bedroom units (80% 2-bed units), two 1-bedroom units, and one studio. The property wraps around a beautiful courtyard with well manicured landscaping, and it is fully secured with all entrances closed off from the public. There's plenty of parking for the tenants with some private garages in the front and additional parking in the back. Also, the property offers its tenants a pool and BBQ area to enjoy.The seller has renovated 8 of the 15 units in recent years, leaving the buyer ample opportunity to capitalize on approximately 33% upside in rents through unit turns. Also, the buyer could consider converting the garages into ADUs, adding to the total unit count and significantly increasing the property's value. Hermitage Court is located in a great pocket of Valley Village, a desirable community within the San Fernando Valley, known for its residential charm, accessibility, and convenience. The property benets 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 only enhances the living experience for tenants but also contributes to the property's overall attractiveness as an investment, 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.

Location

State CA

County Los Angeles

Area Vvl - Valley Village

Zoning LAR3

Interior

Fireplace No

Exterior

Total Parking Spaces 15

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 2347023022

Special Listing Condition Standard

Listed by Filip Niculete • Marcus & Millichap

Rick Lee

Team Leader | License ID: 02130981

+1(714) 943-1598

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Rick Lee

Rick Lee

5228 Hermitage AVE Valley Village, CA 91607

Key Details

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Interior

Exterior

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5228 Hermitage AVE