$4,320,000
5228 Hermitage Avenue Valley Village, CA 91607
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REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
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$4,320,000
Est. payment /mo
13,207 SqFt
UPDATED:
08/30/2024 02:38 PM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 13,207 sqft
Price per Sqft $327
MLS Listing ID CL24431091
HOA Y/N No
Year Built 1970
Lot Size 0.350 Acres
Acres 0.35
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
Location
State CA
County Los Angeles
Area Listing
Zoning LAR3
Interior
Fireplace No
Building
New Construction No
Others
Tax ID 2347023022
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Listed by Filip Niculete • Marcus & Millichap
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Parisa Samimi
Founder & Real Estate Broker | License ID: 01858122
Founder & Real Estate Broker License ID: 01858122