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Multifamily

5840 Hazeltine

5840 Hazeltine Ave, Los Angeles, CA 91401

Listing Price: $3,250,000

Cap Rate
3.90%
Number of Units
10
Price/Unit
$325,000
Price/Gross SF
$203.43
Gross SF
15,976

Investment Overview

THG Multifamily, as the exclusive listing agent, is pleased to present for-sale 5840 Hazeltine (the “Property”), a 10-unit value-add multifamily opportunity located in Van Nuys, just north of the Sherman Oaks border. The Property is ideally located along Hazeltine Avenue with direct access to Ventura Boulevard (the main artery of San Fernando Valley) giving residents of 5840 Hazeltine unparalleled accessibility to an array of retail amenities, dining options, and nearby recreation & entertainment venues. Additionally, the Property offers investors the opportunity to significantly increase rents by continuing the renovation program on the non-renovated units and common area spaces along with capturing embedded loss-to-lease on renovated units.

Investment Highlights

  • The Property is ripe for repositioning. Ownership has proven renovation premiums on 6 of 10 units to date. Investors will be able to effectuate $323 (18.47%) in rental upside.
  • Market rents appeal to a large group of renters ($2,073 average rent).
  • The property includes several areas which can be converted to ADUs.
  • Van Nuys' median price for a single-family residence has grown to $817.5K. This represents an 31.8% increase in Van Nuys home prices over the past two years. As home ownership remains out of reach for most residents, demand for luxury rental housing will remain strong allowing the Property to outperform the market and drive both occupancy and rental rate growth.
  • A short 15 to 20-minute drive from some of the LA County's most prominent job centers: Warner Center and Burbank, the Property provides tenants with an affordable neighborhood at a fraction of the cost (Van Nuys rents are 38% to 60% cheaper than Burbank and Warner Center, respectively) while still being close to jobs and entertainment.
  • Van Nuys is projected to see average annualized rent growth of 4.27% over the next 5 years while maintaining average annual occupancy of above 97.8%.

Exclusively Listed By

Multifamily

5840 Hazeltine

Listing Price: $3,250,000

Cap Rate
3.90%
Number of Units
10
Price/Unit
$325,000
Price/Gross SF
$203.43
Gross SF
15,976

Investment Highlights

  • The Property is ripe for repositioning. Ownership has proven renovation premiums on 6 of 10 units to date. Investors will be able to effectuate $323 (18.47%) in rental upside.
  • Market rents appeal to a large group of renters ($2,073 average rent).
  • The property includes several areas which can be converted to ADUs.
  • Van Nuys' median price for a single-family residence has grown to $817.5K. This represents an 31.8% increase in Van Nuys home prices over the past two years. As home ownership remains out of reach for most residents, demand for luxury rental housing will remain strong allowing the Property to outperform the market and drive both occupancy and rental rate growth.
  • A short 15 to 20-minute drive from some of the LA County's most prominent job centers: Warner Center and Burbank, the Property provides tenants with an affordable neighborhood at a fraction of the cost (Van Nuys rents are 38% to 60% cheaper than Burbank and Warner Center, respectively) while still being close to jobs and entertainment.
  • Van Nuys is projected to see average annualized rent growth of 4.27% over the next 5 years while maintaining average annual occupancy of above 97.8%.

Investment Overview

THG Multifamily, as the exclusive listing agent, is pleased to present for-sale 5840 Hazeltine (the “Property”), a 10-unit value-add multifamily opportunity located in Van Nuys, just north of the Sherman Oaks border. The Property is ideally located along Hazeltine Avenue with direct access to Ventura Boulevard (the main artery of San Fernando Valley) giving residents of 5840 Hazeltine unparalleled accessibility to an array of retail amenities, dining options, and nearby recreation & entertainment venues. Additionally, the Property offers investors the opportunity to significantly increase rents by continuing the renovation program on the non-renovated units and common area spaces along with capturing embedded loss-to-lease on renovated units.

Exclusively Listed By

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