5020 Tujunga Avenue Active Save Request In-Person Tour Request Virtual Tour
North Hollywood (los Angeles),CA 91601
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 17,690 sqft
Price per Sqft $443
MLS Listing ID CL24383033
HOA Y/N No
Year Built 1965
Lot Size 0.510 Acres
Acres 0.51
Property Description
We are proud to present 5020 Tujunga Avenue - a value add real estate opportunity located in North Hollywood, CA. The 40 unit building is comprised of 15- Bachelors 24- Studios complimented by 1- 1 bedroom unit. Constructed in 1965, the property spans 17,690 gross square feet, and is set on a 0.51-acre lot. The property has ample parking spots for tenants with easy access through an alley that leads behind the property. To enhance the quality of living for residents, the property features a smoke-free environment, security systems, intercom, storage spaces, laundry facilities, pool, maintenance & manager on-site, walk-in closets and balconies.One of this property's significant attractions is the great 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 $77,000 in gross rental income each month, or about $929,000 per year, increasing the buyer's CAP rate to 8.57%!With all rents being below 80% of AMI (Area Median Income), this property qualifies for lower than market-rate financing from Freddie Mac due to this affordability aspect. Additionally, a new owner can
Location
State CA
County Los Angeles
Area Listing
Zoning LAR4
Interior
Fireplace No
Exterior
Parking Type Covered
Building
New Construction No
Others
Tax ID 2353014036