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Multifamily

7051 Coldwater Canyon Ave

7051 Coldwater Canyon Ave, Los Angeles, CA 91605

Listing Price: $4,350,000

Cap Rate
3.71%
Number of Units
24
Price/Unit
$181,250
Price/Gross SF
$279.38
Gross SF
15,570

Investment Overview

Marcus & Millichap is please to present the Canyon Manor Apartments, a 24-unit apartment building located at 7051 Coldwater Canyon Avenue, North Hollywood (Valley Glen), CA 90605. Built in 1972, the building consists of twenty-two (22) 1 bed/1 bath units and two (2) 2 bed/1 bath units. The building totals 15,570 gross square feet and sits on a 0.51-acre lot that is LAR3 zoned. The property features on-site parking, gated pool and a laundry facility. Canyon Manor Apartments is a value-add opportunity in which new ownership has an opportunity to increase rents by virtue of implementing a renovation program to the unit interiors. Current rents are approximately twenty-seven percent (27%) below market. This is an excellent opportunity for an investor who is looking for a value-add property in an emerging submarket with historically low vacancy rates. The property is conveniently located just a short walk from restaurants, cafes, grocery stores and large retail centers on Sherman Way. For nightlife options, the property is just a short drive away from bars, restaurants and other entertainment options located in the NOHO Arts District. Nearby employment hubs include Burbank, Glendale, Hollywood, Downtown Los Angeles and Warner Center. The property is located just a few blocks from the 170 freeway, and a short drive to 405, 5 and 101 freeways.

Investment Highlights

  • Value add opportunity by implementing a renovation program upgrading unit interiors –approximately 25% rental upside
  • Property features on-site parking, gated pool and a laundry facility
  • Property located short walk from restaurants, cafes, grocery stores and large retail centers on Sherman Way
  • Close proximity to nearby employment hubs such as Burbank, Glendale, Hollywood, Downtown Los Angeles, Warner Center
  • Conveniently located near 170, 405, 5 and 101 freeways

Exclusively Listed By

Financing By

Listing Price: $4,350,000

Cap Rate
3.71%
Number of Units
24
Price/Unit
$181,250
Price/Gross SF
$279.38
Gross SF
15,570

Investment Highlights

  • Value add opportunity by implementing a renovation program upgrading unit interiors –approximately 25% rental upside
  • Property features on-site parking, gated pool and a laundry facility
  • Property located short walk from restaurants, cafes, grocery stores and large retail centers on Sherman Way
  • Close proximity to nearby employment hubs such as Burbank, Glendale, Hollywood, Downtown Los Angeles, Warner Center
  • Conveniently located near 170, 405, 5 and 101 freeways

Investment Overview

Marcus & Millichap is please to present the Canyon Manor Apartments, a 24-unit apartment building located at 7051 Coldwater Canyon Avenue, North Hollywood (Valley Glen), CA 90605. Built in 1972, the building consists of twenty-two (22) 1 bed/1 bath units and two (2) 2 bed/1 bath units. The building totals 15,570 gross square feet and sits on a 0.51-acre lot that is LAR3 zoned. The property features on-site parking, gated pool and a laundry facility. Canyon Manor Apartments is a value-add opportunity in which new ownership has an opportunity to increase rents by virtue of implementing a renovation program to the unit interiors. Current rents are approximately twenty-seven percent (27%) below market. This is an excellent opportunity for an investor who is looking for a value-add property in an emerging submarket with historically low vacancy rates. The property is conveniently located just a short walk from restaurants, cafes, grocery stores and large retail centers on Sherman Way. For nightlife options, the property is just a short drive away from bars, restaurants and other entertainment options located in the NOHO Arts District. Nearby employment hubs include Burbank, Glendale, Hollywood, Downtown Los Angeles and Warner Center. The property is located just a few blocks from the 170 freeway, and a short drive to 405, 5 and 101 freeways.

Exclusively Listed By

Financing By

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