Multifamily

11145 Sunshine Terrace

11145 Sunshine Terrace, Studio City, CA 91604

Listing Price: $6,000,000

Cap Rate
4.41%
Number of Units
8
GRM
15.85
Occupancy
97.00%
Price/Unit
$750,000
Price/Gross SF
$423.13
Gross SF
14,180

Investment Overview

Marcus & Millichap is pleased to introduce 11145 Sunshine Terrace Avenue, located in Studio City, CA. This is rare opportunity for an investor to acquire a trophy eight-unit condominium building in the hills of Studio City, south of Ventura Boulevard.

This 2009 construction building is not subject to any state or city rent control laws. The rents are currently below market, and a new owner could step in and raise rents to market with relatively minimal work required. Furthermore, there are three recent vacancies that the Seller is leaving vacant for marketing purposes. A buyer can choose to rent these vacancies during escrow or close escrow with them vacant, depending on the buyer's investment strategy.

These large three-bedroom/two-and-half-bath town-homes are individually condo mapped meaning each condo has its own APN and therefore can be sold separately in the future. These large condos come with several layouts, and were originally built to be sold individually; however the owner decided to keep these condos as rentals every since. This presents a new owner with an opportunity to hold onto these units as rental property with good day 1 cash flow and rental upside potential, and then wait to individually sell off each condo when market pricing is optimal.

Investment Highlights

  • Built in 2009
  • Condo Mapped Building
  • Not Subject to Any Rent Control Laws
  • On-Site Gated Parking

Exclusively Listed By

Listing Price: $6,000,000

Cap Rate
4.41%
Number of Units
8
GRM
15.85
Occupancy
97.00%
Price/Unit
$750,000
Price/Gross SF
$423.13
Gross SF
14,180

Investment Highlights

  • Built in 2009
  • Condo Mapped Building
  • Not Subject to Any Rent Control Laws
  • On-Site Gated Parking

Investment Overview

Marcus & Millichap is pleased to introduce 11145 Sunshine Terrace Avenue, located in Studio City, CA. This is rare opportunity for an investor to acquire a trophy eight-unit condominium building in the hills of Studio City, south of Ventura Boulevard.

This 2009 construction building is not subject to any state or city rent control laws. The rents are currently below market, and a new owner could step in and raise rents to market with relatively minimal work required. Furthermore, there are three recent vacancies that the Seller is leaving vacant for marketing purposes. A buyer can choose to rent these vacancies during escrow or close escrow with them vacant, depending on the buyer's investment strategy.

These large three-bedroom/two-and-half-bath town-homes are individually condo mapped meaning each condo has its own APN and therefore can be sold separately in the future. These large condos come with several layouts, and were originally built to be sold individually; however the owner decided to keep these condos as rentals every since. This presents a new owner with an opportunity to hold onto these units as rental property with good day 1 cash flow and rental upside potential, and then wait to individually sell off each condo when market pricing is optimal.

Exclusively Listed By

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