13444 Moorpark
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13444 Moorpark
16 Unit Apartment Building $5,150,000 ($321,875/Unit) 5.50% Cap Rate Sherman Oaks, CA 91423
Investment Highlights
- 13444 Moorpark is a 16-Unit value add opportunity located in prime Sherman Oaks. (Contact Brokers for OM)
- The property has been under the same ownership for the past 20 years and non-rent control assets of this size and location do not trade frequently.
- By implementing an extensive interior and exterior renovation plan, a subsequent buyer can capture significant loss-to-lease on rents.
- The property is not subject to Los Angeles RSO and fall under the guidelines of AB-1482 allowing for larger rent increases each year.
- Ideally situated steps from the vibrant heart of Sherman Oaks. Residents can enjoy a lively mix of dining, shopping, and entertainment options.
- Property features rent driving physical plant with semi subterranean gated parking, in-unit fireplaces, gated access, and spacious floorplan.
Executive Summary
Northmarq, as the exclusive listing agent, is pleased to present the opportunity to acquire 13444 Moorpark Street, a 16-unit non-rent control value-add asset located in prime Sherman Oaks.
13444 Moorpark Street sits on an 11,954-square-foot parcel and features a two-story garden-style building above a semi-subterranean parking garage. The property totals approximately 13,682 gross square feet and offers a unit mix of 11 one-bedroom, one-bathroom units and 5 two-bedroom, two-bathroom units. The building includes underutilized interior courtyards, in-unit fireplaces, and private balconies or patios for each unit. In-place rents reflect a ~14% loss-to-lease, with the potential to achieve market rents through the implementation of an interior and exterior improvement plan.
Beyond the physical characteristics, the property’s premier Sherman Oaks location makes it highly attractive to renters. Situated steps away from Ventura Boulevard, residents enjoy easy access to abundant shopping, retail, and top dining options such as Bacari Sherman Oaks, Anajak Thai, and Osteria La Buca. Additionally, the properties are conveniently located near the 101 and 405 freeways, providing residents with quick access to major San Fernando Valley employers in Burbank and Warner Center such as CBS Studios, Warner Brothers, Kaiser Permanente, and Disney.
13444 Moorpark Street sits on an 11,954-square-foot parcel and features a two-story garden-style building above a semi-subterranean parking garage. The property totals approximately 13,682 gross square feet and offers a unit mix of 11 one-bedroom, one-bathroom units and 5 two-bedroom, two-bathroom units. The building includes underutilized interior courtyards, in-unit fireplaces, and private balconies or patios for each unit. In-place rents reflect a ~14% loss-to-lease, with the potential to achieve market rents through the implementation of an interior and exterior improvement plan.
Beyond the physical characteristics, the property’s premier Sherman Oaks location makes it highly attractive to renters. Situated steps away from Ventura Boulevard, residents enjoy easy access to abundant shopping, retail, and top dining options such as Bacari Sherman Oaks, Anajak Thai, and Osteria La Buca. Additionally, the properties are conveniently located near the 101 and 405 freeways, providing residents with quick access to major San Fernando Valley employers in Burbank and Warner Center such as CBS Studios, Warner Brothers, Kaiser Permanente, and Disney.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
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-
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| Other Income |
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-
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| Vacancy Loss |
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| Effective Gross Income |
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| Net Operating Income |
$99,999
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$9.99
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Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $5,150,000 | Apartment Style | Low Rise |
| Price Per Unit | $321,875 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.27 AC |
| Cap Rate | 5.50% | Building Size | 13,682 SF |
| Gross Rent Multiplier | 11.52 | Average Occupancy | 95% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1986 |
| Property Subtype | Apartment | Parking Ratio | 1.17/1,000 SF |
| Price | $5,150,000 |
| Price Per Unit | $321,875 |
| Sale Type | Investment |
| Cap Rate | 5.50% |
| Gross Rent Multiplier | 11.52 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 13,682 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1986 |
| Parking Ratio | 1.17/1,000 SF |
Unit Amenities
- Balcony
- Microwave
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | $2,199 | 775 |
| 2+2 | 5 | $2,487 | 1,000 |
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Walk Score ®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 2360-009-053 | Improvements Assessment | $1,589,226 |
| Land Assessment | $662,873 | Total Assessment | $2,252,099 |
PROPERTY TAXES
Parcel Number
2360-009-053
Land Assessment
$662,873
Improvements Assessment
$1,589,226
Total Assessment
$2,252,099
zoning
| Zoning Code | R3-1, Los Angeles (Multiple Dwelling Zone) |
| R3-1, Los Angeles (Multiple Dwelling Zone) |
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