For more information on this property, contact Bob Hurwitz at 310-477-8865 or [email protected]

13018 Valleyheart Drive
Studio City, California CA 91604-1923
Sold For: $3,200,000
Listing ID SR21187200
Status Closed
SqFt 7,232
Acres 0.212
Year Built 1961

Property Description:

Rare Opportunity to acquire an 11 Unit Apartment Building in Prime Studio City- Class "A" Location. Approx. 7,232 sf building and Approx. 9,246 sf land Zoned R-3 and Ideal for Investor or Developer. Also, has Great Potential for Condominium project. Close to Ventura Blvd and Coldwater Canyon, shopping, transportation and minutes to Los Angeles, Hollywood, Beverly Hills. Soft Story Retrofit recently completed. Has a great unit mix with 2-2 Bedrooms, 8-1 Bedroom's and 1-Single. Unit #5 2 bedroom to be vacant by Oct.1 and Unit #3 1 bedroom possibly to be vacant by 1/1/22. Built in 1961 this Rent Controlled Building also has a tremendous upside in rents. No pending evictions and all paying tenants and on month to month tenancy. Separate meters with tenants paying own utilities. Covered parking for 13 cars. Washer & dryer plus 11 refrigerators and stoves included. Sold AS-IS! Buyer to cooperate with Seller in a 1031 Tax Deferred Exchange at no cost to Buyer.

Primary Features

County: Los Angeles
Price/SqFt: 442.48
Property Sub Type: Apartment
Property Type: Residential Income
Year Built: 1961
Zoning: LAR3

Interior

Appliances: yes
Appliances: Gas Oven, Gas Water Heater, Refrigerator, Water Heater
Average 1 Bed Area: 500
Average 1 Bed Area Units: Square Feet
Average 2 Bed Area: 750
Average 2 Bed Area Units: Square Feet
Average 3 Bed Area Units: Square Feet
Average Studio Area: 350
Average Studio Area Units: Square Feet
Building Area Units: Square Feet
Common Walls: 2+ Common Walls
Cooling: yes
Cooling Type: Electric, Wall/Window Unit(s)
Flooring: Concrete, Vinyl
Garage Spaces: 2
Heating: yes
Heating Type: Natural Gas, Wall Furnace
Inclusions: Washer & Dryer, Stove and Refrigerators included AS-IS
Interior Features: Tile Counters, Unfurnished
Laundry: yes
Laundry Features: Dryer Included, Gas Dryer Hookup, Individual Room, Washer Hookup, Washer Included
Levels: Two
Number With Range: 11
Number With Refrigerator: 11
Room Type: Kitchen, Walk-In Closet
Spa: no
Spa Features: None
Stories Total: 2

External

Architectural Style: Contemporary
Construction Materials: Frame, Stucco
Electric: 220 Volts in Laundry, Standard
Exterior Features: Lighting
Fence: yes
Fencing: Block, Chain Link, Good Condition, Stucco Wall
Foundation Details: Slab
Lot Features: Level with Street, Utilities - Overhead
Lot Size Area: 9246
Lot Size Source: Assessor
Lot Size Square Feet: 9246
Number Of Buildings: 1
Parking Features: Assigned, Detached Carport, Driveway, Asphalt, On Site, Street
Parking Total: 2
Pool Features: None
Private Pool: no
Property Attached: yes
Road Frontage Type: City Street
Road Surface Type: Paved
Roof: Asphalt, Flat
Sewer: Public Sewer
View: no
View Type: None
Water Source: Public
Window Features: Screens

Location

Country: US
Elevation Units: Feet
MLS Area Major: STUD - Studio City

Additional

Additional Parcels: no
Assessments: Unknown
Association: no
Community Features: Valley
Days On Market: 9
Disclosures: Moratorium, Rent Control
List Agent State License: 00404713
List Office State License: 00404713
Lot Size Units: Square Feet
New Construction: no
Number Of Separate Electric Meters: 11
Number Of Separate Gas Meters: 11
Number Of Separate Water Meters: 11
Number Of Units Total: 11
Parcel Number: 2375020026
Property Condition: Additions/Alterations
Security Features: Smoke Detector(s)
Senior Community: no
Utilities: Cable Available, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Year Built Source: Assessor

Financial

Cap Rate: 3.13
Electric Expense: 1998
Fuel Expense: 1440
Gardener Expense: 600
Gross Equity: 3200000
Gross Multiplier: 19.42
Gross Operating Income: 164736
Gross Scheduled Income: 164736
Gross Spendable Income: 164736
Insurance Expense: 6930
Land Lease: no
Laundry Equipment Own Lease: Own
Laundry Income: 1500
Maintenance Expense: 6529
Maintenance Percent: 4
Net Operating Income: 100371
New Taxes Expense: 38400
Operating Expense: 64365
Other Expense: 3100
Price Per Unit: 290909
Rent Control: yes
Special Listing Conditions: Standard
Tax Census Tract: 1439.02
Tax Lot: 18
Tax Tract Number: 653
Tenant Pays: All Utilities, Cable TV
Total Expenses: 64365
Trash Expense: 2796
Water Sewer Expense: 1998

Zoning Info


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Contact - Listing ID SR21187200

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Bob Hurwitz

433 N. Camden Dr., 6th Floor
Beverly Hills, CA 90210
Phone: 310-477-8865
Phone Alt: 310-701-0880
Fax: 310-893-6417
Broker Email: [email protected]

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