4651 Cahuenga Blvd
39 Unit Apartment Building $13,000,000 ($333,333/Unit) 4.76% Cap Rate North Hollywood, CA 91602
INVESTMENT HIGHLIGHTS
- 39 units in prime Toluca Lake Location
- Excellent unit mix of (10) 1+1 units, (12) 1+2 units, (3) 2+1 units, and (14) 2+2 units. All units on 3rd floor have lofts. Upside in existing rents
- Property has a 4.315 fixed rate loan in the approximate amount of $5,300,000 fixed until October 2027
- Property was built in 1988 and subject to to AB 1482 rent control
- 12 units are currently vacant and are in rent-ready condition. Buyer has the option to reduce expenses by implementing a RUBS program
- Property features fireplaces, balconies, secured parking, central HVAC units, fitness center, BBQ, pool, and onsite laundry
EXECUTIVE SUMMARY
Equity Union Commercial is proud to represent this 39 unit property in Toluca Lake.
The property was constructed in 1988. Its unit mix consists of (10) 1+1 units, (12) 1+2 units, (3) 2+1 units, and (14) 2+2 units. With a lot size of 7,798 square feet, the property has a total of 38,043 rentable square feet. There is substantial upside in existing rents and there is a 672 one bedroom one bath leasing office that is not being used that could potentially be converted to an ADU.
The building features fireplaces, balconies, secured parking, central HVAC, a fitness center, outdoor BBQ and a pool. Third floor units have lofts. The building currently has 12 vacancies and are in rent ready condition and a new owner has the opportunity to completely update the units.
Toluca Lake is a tranquil and friendly community, nestled between North Hollywood and Burbank. The neighborhood boasts a shopping district with excellent cocktail bars, sushi restaurants, and homey cafes and diners, all of which give it a manageable yet interesting atmosphere. Toluca Lake’s residential streets have a relaxed feel. The neighborhood’s residents also have quick access to the 134, 101, and 170 freeways.
The property was constructed in 1988. Its unit mix consists of (10) 1+1 units, (12) 1+2 units, (3) 2+1 units, and (14) 2+2 units. With a lot size of 7,798 square feet, the property has a total of 38,043 rentable square feet. There is substantial upside in existing rents and there is a 672 one bedroom one bath leasing office that is not being used that could potentially be converted to an ADU.
The building features fireplaces, balconies, secured parking, central HVAC, a fitness center, outdoor BBQ and a pool. Third floor units have lofts. The building currently has 12 vacancies and are in rent ready condition and a new owner has the opportunity to completely update the units.
Toluca Lake is a tranquil and friendly community, nestled between North Hollywood and Burbank. The neighborhood boasts a shopping district with excellent cocktail bars, sushi restaurants, and homey cafes and diners, all of which give it a manageable yet interesting atmosphere. Toluca Lake’s residential streets have a relaxed feel. The neighborhood’s residents also have quick access to the 134, 101, and 170 freeways.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | $13,000,000 |
| Price Per Unit | $333,333 |
| Sale Type | Investment |
| Cap Rate | 4.76% |
| Gross Rent Multiplier | 13 |
| No. Units | 39 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 38,043 SF |
| Average Occupancy | 95% |
| No. Stories | 4 |
| Year Built | 1988 |
| Parking Ratio | 2.08/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Balcony
- Kitchen
- Range
SITE AMENITIES
- Fitness Center
- Laundry Facilities
- Security System
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | 550 |
| 1+2 | 12 | - | 640 |
| 2+1 | 3 | - | 800 |
| 2+2 | 14 | - | - |
1 of 1
Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $4,374,583 | |
| Land Assessment | $7,655,520 | Total Assessment | $12,030,103 |
ZONING
| Zoning Code | R4-1, Los Angeles |
