$6,100,000
- Beds
- 34
- sq ft
- 18,009
5222 - 5228 Hermitage Ave, Valley Village, CA 91607
5222 - 5228 Hermitage Ave
Valley Village, CA 91607
- 71 days on market
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.
Details
Property type
Lot size
0.5246 acres
Price per sq ft
$339
Year built
1970
HOA
No
Price History
04/25/2024
CLAW #24384619
Listed
$6,100,000
Schools & Community
Neighborhood:
Valley Village
Elementary school:
Unknown
Middle school:
Unknown
High school:
Unknown
Status: Active
Tomo last checked: 07/05/2024 at 8:05 PM
Listing updated: 05/03/2024 at 5:22 AM
Listed by: Filip Niculete, Marcus & Millichap Phone #: (818) 212-2700
MLS: CLAW #24384619
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