Sherman Oaks, CA 91403 14556 Magnolia Boulevard
$10,950,000
9 more
Presented By: Matthew Ziegler with Marcus & Millichap;
Home Details
***PRICE REDUCED $550,000*** We are pleased to present the Terraces at the Summit, a 50-unit value add apartment building located at 14556 Magnolia Boulevard in Sherman Oaks, California. Current rents are approximately 22% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. Built in 1961, the property features a favorable unit mix consisting of (17) studio/one-bathroom units and (33) one-bedroom/one-bathroom units. Units feature wood flooring, granite countertops, dishwasher, microwave and floor to ceiling living room windows (select units). Property amenities include secured access, pool, grill/picnic area, lounge, fitness center, laundry facility, elevator and gated subterranean parking. The 39,198 square foot building sits on a large 0.57 acre lot that is LAR3 zoned. The Terraces at the Summit is located in Sherman Oaks, one of the best rental submarkets in Los Angeles County with historically low vacancy rates. The property is in close proximity to grocery stores, restaurants and retail on Van Nuys Boulevard as well as vibrant cafes, fine dining, high-end chic retail and nightlife on nearby Ventura Boulevard. The property is conveniently located near the 405 and 101 freeways and just a short drive to major job centers such as Woodland Hills, Encino, North Hollywood, Burbank and Glendale.
Presented By: Matthew Ziegler with Marcus & Millichap;
Interior Features for 14556 Magnolia Boulevard
Bedrooms
Total Bedrooms35
Bathrooms
1/4 Baths0
3/4 Baths0
Half Baths
Total Baths50
Other Interior Features
Air Conditioning Y/NYes
Basement (Y/N)No
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NYes
Total Stories3
General for 14556 Magnolia Boulevard
Additional Parcels Y/NNo
Attached Garage No
Cap Rate5.39
Carport Y/NNo
CitySherman Oaks
CoolingWallWindowUnits
CountyLos Angeles
Days on Market37
DirectionsOn Magnolia Blvd in between Van Nuys Blvd and Kester Ave.
Full Baths
Garage Y/NNo
Gross Income993414.0
HeatingWallFurnace
Home Owner AssocNo
Home Warranty Y/NNo
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsThreeOrMore
Lot Size Square Feet24996.0
Lot Size UnitsSquareFeet
MLS AreaSO - Sherman Oaks
MobileHomeRemainsYNNo
Net Operating Income590436.0
New ConstructionNo
NumberOfUnitsTotal50
Private PoolNo
Property TypeResidentialIncome
Rent Control Y/NNo
Senior Community Y/NNo
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
View Y/NNo
Waterfront Y/NNo
Year Built1961
ZoningLAR3
Exterior for 14556 Magnolia Boulevard
Building Area Total39198.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot Size Acres0.5738
Lot Size Area24996.0
Number of Buildings1
Open Parking Y/NNo
Parking FeaturesCovered
SpaNo
Total Parking0.0
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480