8151 Reseda

    Reseda, CA 91335
    • $5,200,000
    • STATUS: Active Under Contract
    • ON SITE: 382 days
    • ID#: 19443624
    Under Contract
    UPDATED: 48 min ago
    $5,200,000
    • 0
      BEDS
    • 0.39
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 19,098
      SQFT
    • $272
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1987
    County:

    School Ratings & Info

    Description

    For sale Camelot Apartments, a value-add 20-unit garden-style building located in the San Fernando Valley neighborhood of Reseda. The property is priced well below replacement cost at $272 per square foot and offers immediate upside as the rents are below market and the building is not rent controlled. At the asking price of $5,200,000, the current cap rate is 4.65% with a GRM of 12.6. We estimate that if a buyer were to spend roughly $20,000 per unit in upgrades, the buyer would achieve a 5.21% cap rate "all in", including the renovation costs. Built in 1987, the property features a desirable unit mix of 18 two-bedroom units and two one-bedroom units averaging almost 900 square feet per unit. The building has gated garage parking with at least one space per bedroom. Units are separately metered for gas and electricity and feature central heat and air conditioning.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-03-30T21:29:11.87. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Crudo & Associates | Willis Allen Real EstateLa Jolla. Licensed in the State of California, USA.

    www.sdluxe.com/homes/92666089

    8151 Reseda Reseda, CA 91335

    • Price: $5,200,000
    • Status: Active Under Contract
    • Updated: 48 min ago
    • ID#: 19443624
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.39
    Acres
    19,098
    SQFT
    $272
    $/SQFT
    1987
    Built
    Neighborhood:
    SF - San Fernando
    County:
    Los Angeles
    Area:
    SF - San Fernando
    Property Description
    For sale Camelot Apartments, a value-add 20-unit garden-style building located in the San Fernando Valley neighborhood of Reseda. The property is priced well below replacement cost at $272 per square foot and offers immediate upside as the rents are below market and the building is not rent controlled. At the asking price of $5,200,000, the current cap rate is 4.65% with a GRM of 12.6. We estimate that if a buyer were to spend roughly $20,000 per unit in upgrades, the buyer would achieve a 5.21% cap rate "all in", including the renovation costs. Built in 1987, the property features a desirable unit mix of 18 two-bedroom units and two one-bedroom units averaging almost 900 square feet per unit. The building has gated garage parking with at least one space per bedroom. Units are separately metered for gas and electricity and feature central heat and air conditioning.
    Exterior Features

    Lot Features Sprinklers None Lot Size Source Assessor Lot Size Units Square Feet Parking Features Garage Parking YN Yes

    Interior Features

    Appliances DisposalDishwasher Appliances YN Yes

    Property Features

    Cap Rate 4.65 Gross Multiplier 12.60 Gross Operating Income 401725.00 Improvements Amount 1492605 Land Value 1207175 Net Operating Income 241834.00 Special Listing Conditions Standard Total Expenses 159892.00 Zoning Lar3

    Listing provided courtesy of Laurie Lustig of Laurie J. Lustig


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-03-30T21:29:11.87. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Crudo & Associates | Willis Allen Real EstateLa Jolla. Licensed in the State of California, USA.

     
    Crudo & Associates | Willis Allen Real EstateLa Jolla
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    La Jolla CA, 92037