4651 Cahuenga Blvd - Apartments FOR SALE


North Hollywood, CA 91602
$13,000,000 USD
818-640-4360
4651 Cahuenga Blvd, North Hollywood, CA for Sale
$13,000,000 USD
Apartments - FOR SALE
1/54
null | 4.76% Cap Rate

4651 Cahuenga Blvd
North Hollywood, CA 91602


HIGHLIGHTS

  • 39 units in prime Toluca Lake Location
  • Property was built in 1988 and subject to to AB 1482 rent control
  • Excellent unit mix of (10) 1+1 units, (12) 1+2 units, (3) 2+1 units, and (14) 2+2 units. All units on 3rd floor have lofts. Upside in existing rents
  • 12 units are currently vacant and are in rent-ready condition. Buyer has the option to reduce expenses by implementing a RUBS program
  • Property has a 4.315 fixed rate loan in the approximate amount of $5,300,000 fixed until October 2027
  • Property features fireplaces, balconies, secured parking, central HVAC units, fitness center, BBQ, pool, and onsite laundry

OVERVIEW

Equity Union Commercial is proud to represent this 39 unit property in Toluca Lake. The property was constructed in 1988. Its unit mix consists of (10) 1+1 units, (12) 1+2 units, (3) 2+1 units, and (14) 2+2 units. With a lot size of 7,798 square feet, the property has a total of 38,043 rentable square feet. There is substantial upside in existing rents and there is a 672 one bedroom one bath leasing office that is not being used that could potentially be converted to an ADU. The building features fireplaces, balconies, secured parking, central HVAC, a fitness center, outdoor BBQ and a pool. Third floor units have lofts. The building currently has 12 vacancies and are in rent ready condition and a new owner has the opportunity to completely update the units. Toluca Lake is a tranquil and friendly community, nestled between North Hollywood and Burbank. The neighborhood boasts a shopping district with excellent cocktail bars, sushi restaurants, and homey cafes and diners, all of which give it a manageable yet interesting atmosphere. Toluca Lake’s residential streets have a relaxed feel. The neighborhood’s residents also have quick access to the 134, 101, and 170 freeways.

FOR SALE DETAILS

PRICE

$13,000,000 USD

PRICE/SF

$342 USD /SF

# OF UNITS

39

PRICE/UNIT

$333,333

CAP RATE

4.76%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1988

PARKING SPACES

79

LAND DETAILS

LAND ACRES

0.36 AC

LAND SF

15,594 SF

ZONING

R4-1, Los Angeles

APN/PARCEL ID

2421-019-003,2421-019-004

ASK ABOUT THIS PROPERTY

Cindy HillEquity Union Real EstateMore Info
818-640-4360

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Cindy HillEquity Union Real EstateMore Info
818-640-4360

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.