$5,900,000
$6,500,000
9.2%For more information regarding the value of a property, please contact us for a free consultation.
0.54 Acres Lot
SOLD DATE : 09/30/2022
Key Details
Sold Price $5,900,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SR22074354
Sold Date 09/30/22
Construction Status Additions/Alterations,Fixer,Repairs Cosmetic
HOA Y/N No
Year Built 1962
Lot Size 0.544 Acres
Lot Dimensions Assessor
Property Description
Value-Add Opportunity! 16 Unit Mid-Century Retro Garden Style Apartments in Prime Class "A" Location. Studio City is known as "The Jewel of The Valley". Close to New $100 Million Dollar Project-Shops at Sportsman's Lodge and $500 Million Dollar Project by Midwood. 1 block to Iconic Ventura Blvd & Ralphs Market. Close to Best Restaurants, Golf & Tennis Courts, Riverwalk Etc. Large units with Homestyle living and great privacy. Approx. 15,293 sf on .54 Acres (23,710) plus LAR-3 Zone. First time on the market in over 57 years! A Rare Opportunity for Investors to purchase a 16 Unit building with 8-Units Unrented & Decontrolled plus Rent Ready. 8- additional Units are rented 60% under market subject to Rent Control. New owners can immediately rent 8- units and achieve Maximum Rents. Great Unit Mix with 2- 3Br+2Ba, 3- 2Br+2Ba, 11-1Br+1Ba. 3 Bedroom Unit ideal for owners. Note! Current Rents on Financial Statement reflects all Units Rented and at Fair Market Rent but is Projected Income. New owner can Add Value through Capital Improvements, Increased Depreciation & Rent Growth. Also, a possibility to build up to 29 Units on current R-3 Zone. (Buyer to Verify). There's an 18 x40 Olympic Style heated pool, separate laundry room, separate yards, balconies, open floor plans, views, vaulted ceilings, large closets, built-ins, hardwood floors and fireplaces in many units. Separate Gas & Electric Meters. Soft Story Retrofit has been completed and 100% Copper Plumbing. 21 car parking with 11 covered. This is a Rare Find & Opportunity in Class "A" Location. Hurry!!
Location
State CA
County Los Angeles
Area Stud - Studio City
Zoning LAR3
Interior
Interior Features Balcony, Cathedral Ceiling(s), High Ceilings, Open Floorplan, Storage, Bedroom on Main Level
Heating Central, Fireplace(s), Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Carpet, Vinyl, Wood
Fireplaces Type Gas, Gas Starter, Living Room
Fireplace Yes
Appliance Built-In Range, Dishwasher, Gas Cooktop, Disposal, Gas Oven, Gas Range, High Efficiency Water Heater, Hot Water Circulator, Range Hood, Dryer, Washer
Laundry Common Area
Exterior
Garage Asphalt, Covered, Carport, Guest, On Site, Uncovered
Carport Spaces 11
Fence Fair Condition, Needs Repair, Wood
Pool Fenced, Gunite, Heated, Private, Tile
Community Features Curbs, Golf, Mountainous, Valley, Park
Utilities Available Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Waterfront Description River Front
View Y/N Yes
View Mountain(s), Neighborhood, Pool, River, Valley
Roof Type Tar/Gravel
Accessibility Parking, Accessible Doors
Total Parking Spaces 21
Private Pool Yes
Building
Lot Description Back Yard, Garden, Lawn, Landscaped, Level, Near Park, Near Public Transit, Paved, Rectangular Lot, Secluded, Sprinkler System, Street Level, Value In Land, Yard
Faces North
Story 2
Entry Level Two
Foundation Slab
Sewer Public Sewer, Sewer Tap Paid
Water Public
Architectural Style Mid-Century Modern
Level or Stories Two
New Construction No
Construction Status Additions/Alterations,Fixer,Repairs Cosmetic
Others
Senior Community No
Tax ID 2375022044
Security Features Fire Detection System,Resident Manager,Smoke Detector(s)
Energy Description 4626.0
Acceptable Financing Conventional, Submit
Listing Terms Conventional, Submit
Financing Cash
Special Listing Condition Standard, Trust
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Bought with Amir Ahobim • Clear Cut Realty
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
880 Roosevelt Suite 250, Irvine, California, 92620, United States