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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 convert the project into affordable housing which could significantly lower property taxes and add a lot to the property's net income and value. Please reach out to learn more. The location of 5020 Tujunga Ave in North Hollywood is particularly noteworthy. Nestled in a vibrant and evolving area, this property benefits from its proximity to key commercial and entertainment hubs, including the NoHo Arts District, renowned for its lively arts scene, theaters, cafes, and eclectic dining options. Tenants have ease of access to North Hollywood & Valley Village Park as well as the North Hollywood Recreation Center directly across the street. Additionally, the property is well connected through public transportation networks and major roadways, enhancing accessibility and convenience for residents. The proximity to various film studios and creative industries in North Hollywood also makes this location desirable for professionals working within these sectors, potentially increasing demand for rental units.
Property Type(s):
Residential Income
| Last Updated | 10/3/2024 | Year Built | 1965 |
|---|---|---|---|
| Community | North Hollywood | County | Los Angeles |
Price History
| Prior to Jul 17, '24 | $8,250,000 |
|---|---|
| Jul 17, '24 - Aug 23, '24 | $7,995,000 |
| Aug 23, '24 - Today | $7,840,000 |
Additional Details
| AREA | North Hollywood |
|---|---|
| GARAGE | Covered |
| LOT | 0.51 acre(s) |
| LOT DIMENSIONS | 111x120 |
| PARKING | Covered |
| STORIES | 2 |
| ZONING | LAR4 |
Location
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Listed with Marcus & Millichap
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
This IDX solution is (c) Diverse Solutions 2024.
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