Skip to main content

Multifamily

Vue Sherman Oaks

4417 Hazeltine Ave, Sherman Oaks, CA 91423

Listing Price: $10,500,000

Cap Rate
3.51%
Number of Units
24
Price/Unit
$437,500
Price/Gross SF
$464.91
Gross SF
22,585

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase Vue Sherman Oaks, a 24-unit multifamily property located just 460 feet from Ventura Boulevard in prime Sherman Oaks, one of the most sought-after neighborhoods of the San Fernando Valley. Featuring rooftop decks, garage parking, and an upgraded fitness center that includes new cardio machines and a TRX suspension trainer, the property has been able to attract new tenants despite the recent pandemic, and has maintained 100% occupancy for the past eight months. In fact, each of the top market rents has already been proven through multiple new leases signed during the height of the pandemic, showing that a new owner may be able to keep achieving these rent levels or higher, as market conditions continue to improve. Constructed in 1990, the property is not subject to the more restrictive Los Angeles rent control, instead allowing for higher annual rent increases. The community had already been well-maintained for years before ownership recently conducted a campaign to upgrade and modernize the property, creating improved cash flow in the process. Rents for the six renovated apartments increased by an average of $604 per month above their previous rents, creating a model that a new owner can continue in order to capture the asset’s rent upside. In addition, a new RUBS program has been implemented, providing a further boost to the future owner’s revenue. Boasting a favorable unit mix that contains mostly two bedroom apartments, the property offers highly-amenitized interiors. Eleven units feature lofts with direct access to private rooftop decks, while all second-floor units include high vaulted ceilings. Residents also enjoy gas fireplaces, central air/heat, wood flooring, quartz countertops, and balconies. Situated near the intersection of Moorpark Street and Hazeltine Avenue, the property is only three parcels from the upscale boutiques and fine dining along Ventura Boulevard. Tenants are within blocks of Mendocino Farms and a new Ralphs grocery store, as well as several other restaurants and shops. The property’s location is conveniently equidistant from both booming Warner Center/Woodland Hills and the expanding creative campuses within Burbank and Glendale, allowing the building to draw residents employed at each of those hubs.

Investment Highlights

  • Constructed in 1990 – Not Subject to Los Angeles Rent Control
  • Excellent Amenities Package, Including Rooftop Decks, a Fitness Center, and Ample Garage Parking
  • Prime Location within Sherman Oaks -- Only Three Parcels from Ventura Boulevard
  • Eleven Units Include Lofts with Direct Access to Private Rooftop Decks
  • Market Rents Proven via Several New Leases Signed During Peak of Recent Pandemic
  • Well-Appointed Interiors Feature Gas Fireplaces, Central Air, Stainless Steel Appliances, and Quartz Countertops
  • Desirable Unit Mix -- Mostly Two Bedroom Apartments
  • Affluent Tenant Base -- Average Income within Sherman Oaks is Over $138,000, Among Highest in San Fernando Valley

Exclusively Listed By

Listing Price: $10,500,000

Cap Rate
3.51%
Number of Units
24
Price/Unit
$437,500
Price/Gross SF
$464.91
Gross SF
22,585

Investment Highlights

  • Constructed in 1990 – Not Subject to Los Angeles Rent Control
  • Excellent Amenities Package, Including Rooftop Decks, a Fitness Center, and Ample Garage Parking
  • Prime Location within Sherman Oaks -- Only Three Parcels from Ventura Boulevard
  • Eleven Units Include Lofts with Direct Access to Private Rooftop Decks
  • Market Rents Proven via Several New Leases Signed During Peak of Recent Pandemic
  • Well-Appointed Interiors Feature Gas Fireplaces, Central Air, Stainless Steel Appliances, and Quartz Countertops
  • Desirable Unit Mix -- Mostly Two Bedroom Apartments
  • Affluent Tenant Base -- Average Income within Sherman Oaks is Over $138,000, Among Highest in San Fernando Valley

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase Vue Sherman Oaks, a 24-unit multifamily property located just 460 feet from Ventura Boulevard in prime Sherman Oaks, one of the most sought-after neighborhoods of the San Fernando Valley. Featuring rooftop decks, garage parking, and an upgraded fitness center that includes new cardio machines and a TRX suspension trainer, the property has been able to attract new tenants despite the recent pandemic, and has maintained 100% occupancy for the past eight months. In fact, each of the top market rents has already been proven through multiple new leases signed during the height of the pandemic, showing that a new owner may be able to keep achieving these rent levels or higher, as market conditions continue to improve. Constructed in 1990, the property is not subject to the more restrictive Los Angeles rent control, instead allowing for higher annual rent increases. The community had already been well-maintained for years before ownership recently conducted a campaign to upgrade and modernize the property, creating improved cash flow in the process. Rents for the six renovated apartments increased by an average of $604 per month above their previous rents, creating a model that a new owner can continue in order to capture the asset’s rent upside. In addition, a new RUBS program has been implemented, providing a further boost to the future owner’s revenue. Boasting a favorable unit mix that contains mostly two bedroom apartments, the property offers highly-amenitized interiors. Eleven units feature lofts with direct access to private rooftop decks, while all second-floor units include high vaulted ceilings. Residents also enjoy gas fireplaces, central air/heat, wood flooring, quartz countertops, and balconies. Situated near the intersection of Moorpark Street and Hazeltine Avenue, the property is only three parcels from the upscale boutiques and fine dining along Ventura Boulevard. Tenants are within blocks of Mendocino Farms and a new Ralphs grocery store, as well as several other restaurants and shops. The property’s location is conveniently equidistant from both booming Warner Center/Woodland Hills and the expanding creative campuses within Burbank and Glendale, allowing the building to draw residents employed at each of those hubs.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower