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Maxwell Brown
Commercial Asset Advisors
858-360-3000
Runnymede Holiday Apartments presents opportunity to acquire a desirable garden style 40 unit complex consisting of open grounds and attractive low-maintenance construction consisting of an ideal (12) 1 bedroom / 1 bath units, (20) 2 Bedroom / 1 bath units, and (8) 3 bedroom / 2 bath units. The property does not possesses any decks, tuck-under parking, or exterior catwalks, thereby removing large capital expenditure items for long-term operations. The grounds consist of mature vegetation, open walkways, a picnic and playground area, a large onsite laundry facility, and fully gated grounds and parking. The property possesses significant income and equity growth potential with an in-place 4.45% cap rate and a 8.5% proforma cap rate on a proven loss to lease rent roll. Select units are renovated with proven renovated proforma rents. Runnymede Holiday Apartments is well located in the vibrant neighborhood of North Hollywood. Known for its artistic flair, diverse community, and convenient access to urban amenities, North Hollywood offers an enticing blend of entertainment, culture, and lifestyle opportunities. The property is located with quick access to Highway 170, The Burbank Airport, Iconic Noho Arts District, and various retail shops/centers in the immediate surrounding area. On a granular basis, the asset parcel is well located between a beautiful nursery and low density multifamily complex within 0.1 Miles of two new construction institutional grade Multifamily complexes showcasing a bullish microeconomic drive in the immediate pocket.
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Total Baths: 0
Sewer : Public Sewer
Air Conditioning
Has Heating
Has Fireplace: 0
Year Built: 1970
Building Area Total: 36,408
None
Common Area
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 1.37
Lot Size Source: Public Records
Lot Size Square Feet: 59677.2
Original List Price: 9,500,000
Listing Contract Date: 2023-04-20
Listing Agreement: Exclusive Right To Sell
Parcel Number: 2317017020
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: NHO - North Hollywood
Directions: GPS
Zoning: Multifamily
Source Property Type: Residential Income
Area: NHO - North Hollywood
Property Age: 54
Common Walls: 2+ Common Walls
Year Built Source: Vendor Enhanced
Entry Level: 1
Entry Location: street
Property Attached: Yes
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
6944 Radford Avenue, North Hollywood, CA,91605 | $1,498,000 | 4 | 3 | 2,420 | 9000 Sqft |
11813 Runnymede Street .., North Hollywood, CA,91605 | $225,000 | 1 | 1 | 750 | 103238 Sqft |
13000 Lull Street, North Hollywood, CA,91605 | $699,000 | 3 | 2 | 1,450 | 7477 Sqft |
12140 Hart Street, North Hollywood, CA,91605 | $1,199,000 | -- | -- | -- | 6996 Sqft |
12140 Hart Street, North Hollywood, CA,91605 | $1,199,000 | -- | -- | -- | 6996 Sqft |
12007 Saticoy Street, North Hollywood, CA,91605 | $1,100,000 | 4 | 3 | 1,778 | 5925 Sqft |
6827 Radford Avenue, North Hollywood, CA,91605 | $1,299,000 | -- | -- | 4,081 | 7944 Sqft |
6904 Radford Avenue, North Hollywood, CA,91605 | $479,000 | 2 | 2 | 988 | 7871 Sqft |
11813 Runnymede Street #2, North Hollywood, CA,91605 | $299,995 | 1 | 1 | 750 | -- |
12429 Burton Street, North Hollywood, CA,91605 | $1,299,950 | 4 | 3 | 2,092 | 7573 Sqft |
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ByOwner last updated this listing 05/19/2024 @ 10:22
MLS: PTP2402516
LISTED BY: Maxwell Brown, Commercial Asset Advisors
SOURCE: CRMLS
Buyer Agency Compensation: 1.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.