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Multifamily

Citrus Apartments

5117 Woodman Ave, Sherman Oaks, CA 91423

Listing Price: $4,050,000

Cap Rate
3.61%
Number of Units
10
Price/Unit
$405,000
Price/Gross SF
$412.80
Gross SF
9,811

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 5117 Woodman Avenue, a 10-unit multifamily property located in desirable Sherman Oaks, CA. Featuring a unit mix of all three-bedroom units, the property offers a new owner substantial rent upside. The current rents are approximately 48% below market rates, allowing an investor to capitalize on continued income growth for the foreseeable future. There is an existing loan at a 3.97% fixed interest rate that may be assumed. Situated near the intersection of Magnolia Boulevard and Woodman Avenue, the property is blocks from the Westfield Fashion Square and Notre Dame High School. The prestigious Ventura Boulevard, featuring fine dining and high-end shopping, is just one mile south of the property. Half of the apartments have already undergone extensive interior remodeling, with the installation of new wood flooring, quartz countertops, recessed lighting, stainless steel appliances, upgraded bathrooms, and new ceiling fans with remote controls. The property has also been updated with nearly full copper plumbing, several new electric subpanels, all vinyl windows, new exterior paint, new signage, and new lighting. The high barriers to homeownership in Sherman Oaks have led to increased rental demand, as the median three-bedroom home price over the past year has been $1,500,000. Monthly mortgage payments on the median three-bedroom home in Sherman Oaks would be approximately $7,334, which is nearly 2.5 times the monthly market rent for three-bedroom apartments at 5117 Woodman Avenue. This chasm between the cost to rent and the cost of local homeownership -- further widened by additional taxes, insurance, and a prohibitive $300,000 required down payment -- forces more residents into rental housing and increases demand for three-bedroom apartments.

Investment Highlights

  • Outstanding Unit Mix -- All Three Bedroom Apartments
  • Excellent Opportunity to Reposition Asset and Recapture Approximately 48% Rent Upside
  • Extensively Upgraded Asset -- Nearly Full Copper Plumbing, All Vinyl Windows, Several New Electric Subpanels, New Exterior Paint and Lighting
  • Desirable Sherman Oaks Location -- Blocks from Westfield Fashion Square, Trader Joe's, Notre Dame High School
  • Assumable Loan at a 3.97% Fixed Interest Rate
  • Half of Units Feature Remodeled Interiors, Including Recessed Lighting, Quartz Countertops, Stainless Steel Appliances, Wood Flooring, and Ceiling Fans
  • One Mile from High-End Shopping and Fine Dining Along World-Famous Ventura Boulevard
  • High Barrier to Homeownership Strengthens Rental Demand -- Median Three-Bedroom Home Sales Price in Sherman Oaks was $1,500,000 Over Past Year

Exclusively Listed By

Financing By

Multifamily

Citrus Apartments

Listing Price: $4,050,000

Cap Rate
3.61%
Number of Units
10
Price/Unit
$405,000
Price/Gross SF
$412.80
Gross SF
9,811

Investment Highlights

  • Outstanding Unit Mix -- All Three Bedroom Apartments
  • Excellent Opportunity to Reposition Asset and Recapture Approximately 48% Rent Upside
  • Extensively Upgraded Asset -- Nearly Full Copper Plumbing, All Vinyl Windows, Several New Electric Subpanels, New Exterior Paint and Lighting
  • Desirable Sherman Oaks Location -- Blocks from Westfield Fashion Square, Trader Joe's, Notre Dame High School
  • Assumable Loan at a 3.97% Fixed Interest Rate
  • Half of Units Feature Remodeled Interiors, Including Recessed Lighting, Quartz Countertops, Stainless Steel Appliances, Wood Flooring, and Ceiling Fans
  • One Mile from High-End Shopping and Fine Dining Along World-Famous Ventura Boulevard
  • High Barrier to Homeownership Strengthens Rental Demand -- Median Three-Bedroom Home Sales Price in Sherman Oaks was $1,500,000 Over Past Year

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 5117 Woodman Avenue, a 10-unit multifamily property located in desirable Sherman Oaks, CA. Featuring a unit mix of all three-bedroom units, the property offers a new owner substantial rent upside. The current rents are approximately 48% below market rates, allowing an investor to capitalize on continued income growth for the foreseeable future. There is an existing loan at a 3.97% fixed interest rate that may be assumed. Situated near the intersection of Magnolia Boulevard and Woodman Avenue, the property is blocks from the Westfield Fashion Square and Notre Dame High School. The prestigious Ventura Boulevard, featuring fine dining and high-end shopping, is just one mile south of the property. Half of the apartments have already undergone extensive interior remodeling, with the installation of new wood flooring, quartz countertops, recessed lighting, stainless steel appliances, upgraded bathrooms, and new ceiling fans with remote controls. The property has also been updated with nearly full copper plumbing, several new electric subpanels, all vinyl windows, new exterior paint, new signage, and new lighting. The high barriers to homeownership in Sherman Oaks have led to increased rental demand, as the median three-bedroom home price over the past year has been $1,500,000. Monthly mortgage payments on the median three-bedroom home in Sherman Oaks would be approximately $7,334, which is nearly 2.5 times the monthly market rent for three-bedroom apartments at 5117 Woodman Avenue. This chasm between the cost to rent and the cost of local homeownership -- further widened by additional taxes, insurance, and a prohibitive $300,000 required down payment -- forces more residents into rental housing and increases demand for three-bedroom apartments.

Exclusively Listed By

Financing By

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