Skip to main content

Multifamily

8241 Whitsett Ave

8241 Whitsett Ave, North Hollywood, CA 91605

Listing Price: $3,100,000

Cap Rate
4.52%
Number of Units
13
Price/Unit
$238,462
Price/Gross SF
$287.46
Gross SF
10,784

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 8241 Whitsett Avenue, a 13-unit multifamily property situated in North Hollywood, CA. With current rents approximately 40% below market rates, a new owner may be able to upgrade unit interiors to help capitalize on this future income. With all seismic retrofit repairs already completed by the current owner (Buyer to verify), the new investor may also be able to implement the seismic reimbursement pass-throughs with tenants to generate even more revenue. Even beyond that, the property may allow for two ADUs to be added, creating further value and income for the new owner. In addition to the completed seismic retrofit repairs, the building’s plumbing has also been upgraded to copper pipes (Buyer to verify). Select unit interiors have been renovated with new wood flooring, granite countertops, and remodeled bathrooms. Despite the recent upgrades, the property is available for only $287 per building square foot, while similar properties have recently sold for an average of $340 per square foot. Located in North Hollywood, the property is one block from both Polytechnic High School and the 50-acre Sheldon Arleta Recreational Park. It benefits from being one of only four multifamily properties within a half-mile radius, surrounded largely by single-family homes in a quiet, low density neighborhood. Tenants enjoy convenient access to both the 5 and 170 Freeways, with several public transportation options nearby.

Investment Highlights

  • Current Rents Approximately 40% Below Market, Allowing for Continued Long-Term Income Growth
  • Attractive 4.52% CAP Rate Based on In-Place Income
  • Available for Only $287 per Square Foot When Similar Properties Have Sold for an Average of $340 per Square Foot
  • Excellent Unit Mix -- Most Units are Two Bedrooms or Larger
  • All Seismic Retrofit Repairs Completed (Buyer to Verify)
  • Allowable Seismic Retrofit Rent Increases are Ready Once Restrictions are Lifted
  • Copper Plumbing (Buyer to Verify)
  • Potential to Add Two Additional ADUs to Property (Buyer to Verify)

Exclusively Listed By

Financing By

Multifamily

8241 Whitsett Ave

Listing Price: $3,100,000

Cap Rate
4.52%
Number of Units
13
Price/Unit
$238,462
Price/Gross SF
$287.46
Gross SF
10,784

Investment Highlights

  • Current Rents Approximately 40% Below Market, Allowing for Continued Long-Term Income Growth
  • Attractive 4.52% CAP Rate Based on In-Place Income
  • Available for Only $287 per Square Foot When Similar Properties Have Sold for an Average of $340 per Square Foot
  • Excellent Unit Mix -- Most Units are Two Bedrooms or Larger
  • All Seismic Retrofit Repairs Completed (Buyer to Verify)
  • Allowable Seismic Retrofit Rent Increases are Ready Once Restrictions are Lifted
  • Copper Plumbing (Buyer to Verify)
  • Potential to Add Two Additional ADUs to Property (Buyer to Verify)

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 8241 Whitsett Avenue, a 13-unit multifamily property situated in North Hollywood, CA. With current rents approximately 40% below market rates, a new owner may be able to upgrade unit interiors to help capitalize on this future income. With all seismic retrofit repairs already completed by the current owner (Buyer to verify), the new investor may also be able to implement the seismic reimbursement pass-throughs with tenants to generate even more revenue. Even beyond that, the property may allow for two ADUs to be added, creating further value and income for the new owner. In addition to the completed seismic retrofit repairs, the building’s plumbing has also been upgraded to copper pipes (Buyer to verify). Select unit interiors have been renovated with new wood flooring, granite countertops, and remodeled bathrooms. Despite the recent upgrades, the property is available for only $287 per building square foot, while similar properties have recently sold for an average of $340 per square foot. Located in North Hollywood, the property is one block from both Polytechnic High School and the 50-acre Sheldon Arleta Recreational Park. It benefits from being one of only four multifamily properties within a half-mile radius, surrounded largely by single-family homes in a quiet, low density neighborhood. Tenants enjoy convenient access to both the 5 and 170 Freeways, with several public transportation options nearby.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower