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    15141 Burbank Blvd

    Sherman Oaks, CA 91411
    • $7,500,000
    • STATUS: Closed
    • ON SITE: 84 Days
    • MLS #: 21-768664
    Sold - 10/18/2021
    $7,500,000
    SOLD - 10/18/2021
    • 28
      BEDS
    • 0.31
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 15,992
      SQFT
    • $469
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1984
    County:
    Area:

    School Ratings & Info

    Description

    We are proud to exclusively present for sale 15141 W. Burbank Blvd. in North Sherman Oaks. Built in 1984, this Non-Rent Controlled Apartment Building features 18* Units with a great mix of eleven 2 bedroom homes, six 1 bedroom homes (four of those with a loft) and one studio. This property has been meticulously maintained by the current, long-term owners. Ownership did not lease up any vacancies due to Covid, so there are currently 5 vacant units ready to be leased! There is additional square footage in the parking level (off of the Laundry Room) that was previously used as a Spa Room (with existing jacuzzi-style tub in the ground) that is currently being used for storage. The Storage/Spa Room has a large patio at one end of the room, so it could easily and attractively be turned into an ADU. Due to existing vacancies, there is currently no onsite property manager, so converting the storage space into a legal unit could house an onsite manager while improving income further. The property is located less than half a mile to the edge of the Sepulveda Basin Recreation Area, with around 2,000 acres that include Woodley Park (with The Japanese Garden), Lake Balboa Park, Sepulveda Basin Wildlife Reserve, Sepulveda Dam Recreation Area Bike Path, Sepulveda Basin River Recreation Zone, Balboa Sports Complex, Hjelte Sports Center, Sepulveda Garden Center, Encino Golf Course, Balboa Golf Course, and Woodley Lakes Golf Course. With easy access to the 405 and 101 Freeways, Costco, Target, Supermarkets, Restaurants and just about anything else that your tenants could possibly need, this building will make your tenants happy to stay! Priced at a 4.09 Cap & 15.19 GRM (using market rents for vacancies), $416k per door and $469 PSF, this property is a perfect investment for those looking for a stable performer. *The Certificate of Occupancy lists 17 Units. Building appears to have one unit chiseled out of existing square footage. Zoning (counting half the Alley) allows for 17.97 Units.

    Sold by Andrew Moore BRE#01884474 of Beverly And Company, Inc..

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-10-26T23:42:33.077. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.markwiseproperties.com/homes/120023779
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    15141 Burbank Blvd Sherman Oaks, CA 91411

    • Price: $7,500,000
    • Status: Closed
    • Updated: 164 min ago
    • MLS #: 21-768664
    28
    Beds
    0
    Baths
    0
    ½ Baths
    0.31
    Acres
    15,992
    SQFT
    $469
    $/SQFT
    1984
    Built
    Neighborhood:
    Sherman Oaks
    County:
    Los Angeles
    Area:
    Sherman Oaks
    Property Description
    We are proud to exclusively present for sale 15141 W. Burbank Blvd. in North Sherman Oaks. Built in 1984, this Non-Rent Controlled Apartment Building features 18* Units with a great mix of eleven 2 bedroom homes, six 1 bedroom homes (four of those with a loft) and one studio. This property has been meticulously maintained by the current, long-term owners. Ownership did not lease up any vacancies due to Covid, so there are currently 5 vacant units ready to be leased! There is additional square footage in the parking level (off of the Laundry Room) that was previously used as a Spa Room (with existing jacuzzi-style tub in the ground) that is currently being used for storage. The Storage/Spa Room has a large patio at one end of the room, so it could easily and attractively be turned into an ADU. Due to existing vacancies, there is currently no onsite property manager, so converting the storage space into a legal unit could house an onsite manager while improving income further. The property is located less than half a mile to the edge of the Sepulveda Basin Recreation Area, with around 2,000 acres that include Woodley Park (with The Japanese Garden), Lake Balboa Park, Sepulveda Basin Wildlife Reserve, Sepulveda Dam Recreation Area Bike Path, Sepulveda Basin River Recreation Zone, Balboa Sports Complex, Hjelte Sports Center, Sepulveda Garden Center, Encino Golf Course, Balboa Golf Course, and Woodley Lakes Golf Course. With easy access to the 405 and 101 Freeways, Costco, Target, Supermarkets, Restaurants and just about anything else that your tenants could possibly need, this building will make your tenants happy to stay! Priced at a 4.09 Cap & 15.19 GRM (using market rents for vacancies), $416k per door and $469 PSF, this property is a perfect investment for those looking for a stable performer. *The Certificate of Occupancy lists 17 Units. Building appears to have one unit chiseled out of existing square footage. Zoning (counting half the Alley) allows for 17.97 Units.
    Exterior Features

    Lot Size Area 13311 Other Structures None Parking Garage Community GarageGarage - 4+ Car Total Parking 34

    Interior Features

    Baths Total 29.00 Cooling Central Equipment MicrowaveOtherHood FanRange/OvenDishwasher Heating Central

    Property Features

    Assessed Total Value 2625342 Gross Income 493620 Gross Operating Income 478847 Like Units1 2 Like Units2 4 Like Units3 10 Like Units4 1 Like Units5 1 Net Operating Income 306492.00 Number Of Buildings 1 Number Of Units 18 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Assessor Source Lot Size Dimensions Assessor Total Annual Expense 172356 Type Of Units Spacious Year Built Source Vendor Enhanced Zoning Qr3-1-Rio

    Listing provided courtesy of Dario Svidler DRE#01884474 of Compass.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-10-26T23:42:33.077. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    Mark Wise | Bennion Deville Homes
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    Rancho Mirage CA, 92270