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$ 8,450,000
Est. payment | /mo
45 Beds
45 Baths
28,494 SqFt
$ 8,450,000
Est. payment | /mo
45 Beds
45 Baths
28,494 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 28,494 sqft
Price per Sqft $296
MLS Listing ID 26838789
Bedrooms 45
HOA Y/N No
Year Built 1962
Lot Size 0.917 Acres
Property Description
4215 Vineland Ave is a 32-unit value add multifamily opportunity on a huge lot in the heart of Studio City, offered at $8,450,000 by a motivated Seller. The property features 20 vacant units ready for immediate renovation that would achieve a 6 plus cap rate after estimated interior and exterior renovation costs. The remaining 12 occupied units have over 75% rental upside that could be unlocked over time as additional tenants relocate. The property also presents a compelling development angle: our architect designer has developed a site plan for adding 12 additional units that include 4 attached ADUs and 8 detached ADUs. The plan was developed with an emphasis on keep building costs low and retaining at least 33 parking spaces. The 8 detached ADUs would be exempt from city and state rent control for 15 years. A preliminary bid from a licensed general contractor prices the construction of the 12 ADUs at $2,850,000, bringing the total unit count to 44 and the cap rate to an estimated 7.65%. This asset is in an excellent location. Only a 10-minute walk to Ventura Blvd and short distance to major studios such as Universal, Warner Brothers and NBC, tenants can enjoy a walking lifestyle with easy access to jobs, shops and restaurants. This is a rare opportunity to own a 32 or 44 unit that is almost completely upgraded in the heart of Studio City.
Location
State CA
County Los Angeles
Area Stud - Studio City
Zoning LAR3
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Carport
Total Parking Spaces 34
Building
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2366019028
Special Listing Condition Standard
Listed by Kelly Morgan Houze Real Estate Management #01898026