Thank you
Filip Niculete
Marcus & Millichap
818-212-2700
We are proud to present "The Radford", a 21-unit condominium property located at 4725 Radford Ave in prime Valley Village, CA. This listing is part of a 3 property portfolio with 57 total condos, all in the South Valley, and all built by the seller in 2018.Built in 2018 to condo specifications, this property is 100% free of all rent control. The 28,037 sqft building sits on a 0.28 acre lot, and it boasts an excellent unit mix of (4) 1 Bed / 1 Bath condos, (14) 2 Bed / 2 Bath condos, and (3) 3 Bed / 2 Bath condos, with an average size of 788sf, 1,184sf, and 1,429sf, respectively. Of the 21 condos, 19 are market-rate and 2 are low-income restricted (both low-income restricted condos are 2 Bed).The property has a gated, double-subterranean parking lot with four levels of residential above. The 1st floor has 6 condos while the 2nd, 3rd, and 4th floors all have 5 condos. The top floor is reserved for 5 beautiful penthouses. These modern and luxury condos are fully equipped with central A/C, new stainless steel appliances, in unit washer/dryer, open floor plan kitchen, dining area, large living room, wood-inspired vinyl floors, and a private balcony/patio. The property is individually metered all utilities, including water, which keeps the landlord's utility expenses to near nothing. The building generates additional income through renting out extra parking spaces and seven storage spaces to tenants for additional charge. The building also has 14.8kwp solar panels and EV chargers which provide the landlord with extra income.Currently, this condo building is being operated as apartment rentals, and the building is 100% occupied with all tenants paying rent. The 21 condos bring in a combined $63,500 of rent per month, or $762,000 per year. A recent rent survey suggests full market-rent potential at $75,300 per month, or $904,000 per year, presenting an investor with approximately 19% upside potential.These condos offer an excellent exit strategy to sell them off individually. A survey of recently sold condos in the South Valley show that newer construction 2 and 3 bedroom condos are selling for an average of $655 per sqft. With the building currently priced at just $410 per sqft, there's immense profit potential for an investor who's willing to put in the time to sell these condos individually. Importantly, selling these individually would allow the buyer to avoid expensive ULA transfer taxes on the exit. The Radford is perfectly located in Valley Village, within close proximity to Gelson's, Starbucks, Moorpark park, and plenty of bars, restaurants, and shopping. The property has quick access to the 101, 170, and 405 freeways, allowing for easy commuting to anywhere throughout Los Angeles and beyond. Its proximity to Studio City, Sherman Oaks, Toluca Lake, Burbank and Hollywood positions it as an ideal home for those seeking access to the best the Valley has to offer.
Sell a home like this and save $689,501 Find Out How
Total Bedrooms : 41
Total Baths: 38
Full Baths: 0
Half Baths: 0
Property Appliances: Dryer,Washer
Central Air
Air Conditioning
Central
Has Heating
Year Built: 2018
Building Area Total: 28,037
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.2752
Lot Size Dimensions: 120x100
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 11987
Original List Price: 11,500,000
Listing Contract Date: 2024-03-29
Listing Agreement: Seller Reserved
Parcel Number: 2355014178
Garage Description: Garage,Gated
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: VVL - Valley Village
Postal Code Plus 4: 4096
Directions: Radford & Riverside
Zoning: LAR3
Source Property Type: Residential Income
Area: VVL - Valley Village
Property Age: 6
Year Built Source: Vendor Enhanced
Total Square Feet Living: 28037
Levels or Stories: Three Or More
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
5900 Alcove Avenue, Valley Village, CA,91607 | $1,650,000 | 3 | 1 | 1,677 | 6846 Sqft |
11826 Kling Street, Valley Village, CA,91607 | $1,695,000 | -- | -- | -- | 16743 Sqft |
5232 Corteen Place #3, Valley Village, CA,91607 | $512,500 | 2 | 2 | 1,136 | 38366 Sqft |
11835 Kling Street, Valley Village, CA,91607 | $4,999,998 | 6 | 6 | 6,000 | 22800 Sqft |
5238 Hermitage, Valley Village, CA,91607 | $1,650,000 | 1 | -- | 1,885 | 8197 Sqft |
4527 Simpson Avenue, Valley Village, CA,91607 | $3,495,000 | 4 | 4 | 3,729 | 6616 Sqft |
5110 Whitsett Avenue #303, Valley Village, CA,91607 | $1,198,000 | 2 | 2 | 1,920 | 23710 Sqft |
4440 Ben Avenue, Valley Village, CA,91607 | $2,525,000 | 4 | 4 | 2,899 | 6644 Sqft |
12014 Hartsook Street, Valley Village, CA,91607 | $3,675,000 | 5 | 6 | 4,705 | 8102 Sqft |
5805 Bucknell Avenue, Valley Village, CA,91607 | $1,995,000 | 6 | 5 | 2,500 | 17287 Sqft |
Copyright © 2024 by the Multiple Listing Service of the California Regional MLS®. This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the California Regional MLS®. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited.
ByOwner last updated this listing 05/04/2024 @ 16:53
MLS: 24374897
LISTED BY: Filip Niculete, Marcus & Millichap
SOURCE: CRMLS
Buyer Agency Compensation: 1.25%
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.