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Multifamily

6502 Vineland

6502 Vineland Ave, Los Angeles, CA 91606

Listing Price: $4,900,000

Cap Rate
4.12%
Number of Units
16
Price/Unit
$306,250
Price/Gross SF
$429.45
Gross SF
11,410

Investment Overview

THG Multifamily has been exclusively retained by Ownership to offer for sale 6502 Vineland Avenue (the “Property”), a 16-unit multifamily building located within a 5-minute drive to the Dynamic NoHo Arts District. 6502 Vineland is proximate to shopping, dining, entertainment, and everyday amenities found in the NoHo Arts District, and within a short drive of employment centers such as Studio City, Hollywood, and Burbank/Glendale. 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

  • Investors have the opportunity to capture 64% ($792) upside in rental income by renovating the remaining non-renovated unit and can also effectuate 9% ($156) in loss-to-lease on the renovated units.
  • Market rents appeal to a large group of renters ($1,913 average rent).
  • Advantageous unit mix of one- and two-bedroom floorplans.
  • North Hollywood's median price for a single-family residence has grown to $850K. This represents an 25.4% increase in North Hollywood 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.
  • North Hollywood is projected to see average annualized rent growth of 4.11% over the next 5 years while maintaining average annual occupancy of above 96.7%

Exclusively Listed By

Multifamily

6502 Vineland

Listing Price: $4,900,000

Cap Rate
4.12%
Number of Units
16
Price/Unit
$306,250
Price/Gross SF
$429.45
Gross SF
11,410

Investment Highlights

  • Investors have the opportunity to capture 64% ($792) upside in rental income by renovating the remaining non-renovated unit and can also effectuate 9% ($156) in loss-to-lease on the renovated units.
  • Market rents appeal to a large group of renters ($1,913 average rent).
  • Advantageous unit mix of one- and two-bedroom floorplans.
  • North Hollywood's median price for a single-family residence has grown to $850K. This represents an 25.4% increase in North Hollywood 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.
  • North Hollywood is projected to see average annualized rent growth of 4.11% over the next 5 years while maintaining average annual occupancy of above 96.7%

Investment Overview

THG Multifamily has been exclusively retained by Ownership to offer for sale 6502 Vineland Avenue (the “Property”), a 16-unit multifamily building located within a 5-minute drive to the Dynamic NoHo Arts District. 6502 Vineland is proximate to shopping, dining, entertainment, and everyday amenities found in the NoHo Arts District, and within a short drive of employment centers such as Studio City, Hollywood, and Burbank/Glendale. 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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