Thank you
Filip Niculete
Marcus & Millichap
818-212-2700
We are proud to present 5222-5228 Hermitage Avenue - a value add real estate opportunity located in Valley Village, CA. The 20 unit building is comprised of 1- Studio, 4- 1 bed/1 bath, 1- 1 bed/1.5 bath, 2- 2 bed/1 bath, 9- 2 bed/2 bath, 2- 2 bed/2.5 bath and 1- 3 bed/2 bath units. Constructed in 1948 & 1970, the 20 units sits on 2 APNs which eliminates the need for an on-site manager. The property spans 18,009 gross square feet, and is set on a total 0.52-acre lot. The property has ample gated and garage parking for tenants with easy access through the front or either side of the properties. To enhance the quality of living for residents, the property features a smoke-free environment, intercom, laundry facilities and pool.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 $54,000 in gross rental income each month, or about $650,000 per year, increasing the buyer's CAP rate to 7.55%! The location of 5222-5228 Hermitage Ave in Valley Village is particularly noteworthy with a Walk Score of 79 (Very Walkable). Valley Village is a desirable community within the San Fernando Valley, known for its residential charm, accessibility, and convenience. The property benefits from its proximity to key transportation routes, shopping, dining, and entertainment options, as well as its closeness to major employment centers. This prime location not only enhances the living experience for tenants but also contributes to the property's overall attractiveness as an investment, by supporting sustained demand and the potential for rental growth. The blend of a well-maintained property, a diverse unit mix, and a prime location makes this asset a compelling opportunity for investors looking to capitalize on the Valley Village rental market.
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Total Bedrooms : 34
Total Baths: 32
Full Baths: 0
Half Baths: 0
Year Built: 1970
Building Area Total: 18,009
See Remarks
Common Area
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.5246
Lot Size Source: Assessor
Lot Size Square Feet: 22851
Original List Price: 6,100,000
Listing Contract Date: 2024-04-25
Listing Agreement: Seller Reserved
Parcel Number: UNAVAILABLE
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: VVL - Valley Village
Directions: Hermitage & Magnolia
Zoning: LAR3
Source Property Type: Residential Income
Area: VVL - Valley Village
Property Age: 54
Year Built Source: Assessor
Total Square Feet Living: 18009
Levels or Stories: Two
Building Total Stories: 2
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
4744 Ben Avenue #11, Valley Village, CA,91607 | $650,744 | 2 | 2 | 954 | 10340 Sqft |
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 |
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 | $3,590,000 | 5 | 6 | 4,705 | 8102 Sqft |
5805 Bucknell Avenue, Valley Village, CA,91607 | $1,949,000 | 6 | 5 | 2,500 | 17287 Sqft |
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ByOwner last updated this listing 05/23/2024 @ 19:59
MLS: 24384619
LISTED BY: Filip Niculete, Marcus & Millichap
SOURCE: CRMLS
Buyer Agency Compensation: 1%
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.