6 Units | North Hollywood | All Cash | Generated 6 Offers
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The sale of 12805 Vanowen Street, a 6-unit rent controlled apartment building located in North Hollywood, California. We closed escrow today at $1,140,000 with the help of our co-listing agents, Star and Bruce Barlava, and the buyer's agent, Eli Appel, who's a long time friend and colleague of ours at Marcus & Millichap's Encino office.
Property Overview
Built in 1954, the property consists of (4) one-bedroom / one-bathroom units and (2) two-bedroom / one-bathroom units. The building is 4,208 gross square feet, sits on a 6,599 square foot lot, was fully re-roofed in 2018 and is located in a qualified opportunity zone. The Subject Property offers investors huge value add potential with an estimated 53% upside in rents. In addition, there's potential to convert the carports in the back of the property to ADUs.
Deal Story
We were able to generate 6 signed offers on this listing, most of which were right around $1.1M. We opened escrow with a fellow Marcus & Millichap agent, Eli Appel, who brought an experienced investor to the table. We chose this buyer due to his strong qualifications. He owns more than a dozen other multifamily properties in the San Fernando Valley and focuses on buying value-add properties with very low rents and deferred maintenance.
The sale of 12805 Vanowen Street, a 6-unit rent controlled apartment building located in North Hollywood, California. We closed escrow today at $1,140,000 with the help of our co-listing agents, Star and Bruce Barlava, and the buyer's agent, Eli Appel, who's a long time friend and colleague of ours at Marcus & Millichap's Encino office.
Property Overview
Built in 1954, the property consists of (4) one-bedroom / one-bathroom units and (2) two-bedroom / one-bathroom units. The building is 4,208 gross square feet, sits on a 6,599 square foot lot, was fully re-roofed in 2018 and is located in a qualified opportunity zone. The Subject Property offers investors huge value add potential with an estimated 53% upside in rents. In addition, there's potential to convert the carports in the back of the property to ADUs.
Deal Story
