19344 Wyandotte Street, Reseda, CA 91335

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Glen Henderson

[email protected] +1(619) 889-7646

$14,999,000

Est. payment - /mo

5 Beds

5 Baths

1.29 Acres Lot

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Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID PTP2503080

Bedrooms 5

HOA Y/N No

Lot Size 1.290 Acres

Property Sub-Type Res Income 2-4 Units

Type of Financing Conventional

Property Description

We are pleased to present the opportunity to acquire a high yield, partially renovated, multifamily asset in prime location Reseda bordering the most desirable neighborhoods in the San Fernando Valley including Calabasas, Tarzana, Encino, and West Hills. 19344 Wyandotte St consists of 57 units, roughly 20 of which have been renovated allowing for notable additional upside in income upon turnover of the remaining unrenovated units. The asset consists of oversized square footage units compromised of primarily 2 bedroom units, while also consisting of a healthy assortment of Studios, 1 Beds, and 3 Beds. The average unit size is 881 square feet based on title records of 50,191 gross building square footage. Ownership will find long term benefit in acquiring an asset at notably below replacement cost of $299 per sqft. The majority of units possess a private small porch or balcony for tenant enjoyment along with 60+ covered parking spaces with small storage lockers at the rear of each parking space. Current gross annual income totals $1,456,117 with a potential full market annual income of $1,865,000+. The $877,925 in-place net operating income yields a 5.85% with potential to achieve a 8.43% cap rate upon renovation of remaining units and full market rents. Additionally, ownership has seen lower than traditional vacancy operations due to attractive asset grounds and micro location adjoining to the low density single family neighborhood.
We are pleased to present the opportunity to acquire a high yield, partially renovated, multifamily asset in prime location Reseda bordering the most desirable neighborhoods in the San Fernando Valley including Calabasas, Tarzana, Encino, and West Hills. 19344 Wyandotte St consists of 57 units, roughly 20 of which have been renovated allowing for notable additional upside in income upon turnover of the remaining unrenovated units. The asset consists of oversized square footage units compromised of primarily 2 bedroom units, while also consisting of a healthy assortment of Studios, 1 Beds, and 3 Beds. The average unit size is 881 square feet based on title records of 50,191 gross building square footage. Ownership will find long term benefit in acquiring an asset at notably below replacement cost of $299 per sqft. The majority of units possess a private small porch or balcony for tenant enjoyment along with 60+ covered parking spaces with small storage lockers at the rear of each parking space. Current gross annual income totals $1,456,117 with a potential full market annual income of $1,865,000+. The $877,925 in-place net operating income yields a 5.85% with potential to achieve a 8.43% cap rate upon renovation of remaining units and full market rents. Additionally, ownership has seen lower than traditional vacancy operations due to attractive asset grounds and micro location adjoining to the low density single family neighborhood.

Location

State CA

County Los Angeles

Area Reseda (91335)

Exterior

Pool Community/Common

Building

Lot Description National Forest, Sidewalks

Story 2

Lot Size Range 1+ to 2 AC

Others

Acceptable Financing Conventional

Space Rent $1,626

Listing Terms Conventional

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Listed by Maxwell Brown • Commercial Asset Advisors

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Glen Henderson

+1(619) 889-7646

Broker Associate | CA BRE #01384181

Broker Associate CA BRE #01384181

San Diego Communities

19344 Wyandotte Street Reseda, CA 91335

Glen Henderson

Key Details

Location

Exterior

Building

Others

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