5 Units | Valley Village | Value Add | 5222 Hermitage Ave
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5 Units | Valley Village | Value Add 5222 Hermitage Ave
5 Unit Apartment Building $1,475,000 ($295,000/Unit) 5.01% Cap Rate Valley Village, CA 91607
Investment Highlights
- Built 1948/1990 | RSO Property
- Approx. 29% Upside in Rents
- 10 Parking Spots for 5 Units
- No Seismic Retrofit Needed
- Can Build 2 ADUs in Back
- 2 Units Fully Renovated
Executive Summary
The LAAA Team of Marcus & Millichap is pleased to present 5222 Hermitage Ave, a 5-unit multifamily property in Valley Village, CA.
In 1948, this property was originally built as a single family house. Then in 1987, the owner submitted building plans to add 4 units in addition to the house, making it a 5 unit property. The construction was finished in 1989, and the certificate of occupancy was issued in 1990.
The property isn't on the city's list for mandatory soft story retrofitting, despite the tuck-under parking in the back. This is likely because the tuck-under parking was built in 1990, and therefore exempt from seismic retrofitting requirements, but the Buyer should verify and rely on Buyer's own research.
This 4,802 square foot building sits on a 0.17 acre lot, and it boasts a strong unit mix with (1) 1,100 SqFt 3-Bedroom, (1) 950 SqFt 2-Bedroom, and (3) 650 SqFt 1-Bedroom units. The 3 bedroom unit was recently renovated as well as one of the 1-bedroom units. The other three units are occupied by tenants living there for 10+ years, and those units offer significant upside potential for the buyer. Also, this property's layout lends itself perfectly for two brand new construction ADUs to be built on the back parking lot.
5222 Hermitage is located in a great pocket of Valley Village, a desirable community within the San Fernando Valley, known for its residential charm, accessibility, and convenience. The property bene?ts from its proximity to key transportation routes, shopping, dining, and entertainment options, as well as its closeness to major employment centers. This prime location not only enhances the living experience for tenants but also contributes to the property's overall attractiveness as an investment, by supporting sustained demand and the potential for rental growth. The blend of a well-maintained property, a diverse unit mix, and a prime location makes this asset a compelling opportunity for investors looking to capitalize on the Valley Village rental market.
In 1948, this property was originally built as a single family house. Then in 1987, the owner submitted building plans to add 4 units in addition to the house, making it a 5 unit property. The construction was finished in 1989, and the certificate of occupancy was issued in 1990.
The property isn't on the city's list for mandatory soft story retrofitting, despite the tuck-under parking in the back. This is likely because the tuck-under parking was built in 1990, and therefore exempt from seismic retrofitting requirements, but the Buyer should verify and rely on Buyer's own research.
This 4,802 square foot building sits on a 0.17 acre lot, and it boasts a strong unit mix with (1) 1,100 SqFt 3-Bedroom, (1) 950 SqFt 2-Bedroom, and (3) 650 SqFt 1-Bedroom units. The 3 bedroom unit was recently renovated as well as one of the 1-bedroom units. The other three units are occupied by tenants living there for 10+ years, and those units offer significant upside potential for the buyer. Also, this property's layout lends itself perfectly for two brand new construction ADUs to be built on the back parking lot.
5222 Hermitage is located in a great pocket of Valley Village, a desirable community within the San Fernando Valley, known for its residential charm, accessibility, and convenience. The property bene?ts from its proximity to key transportation routes, shopping, dining, and entertainment options, as well as its closeness to major employment centers. This prime location not only enhances the living experience for tenants but also contributes to the property's overall attractiveness as an investment, by supporting sustained demand and the potential for rental growth. The blend of a well-maintained property, a diverse unit mix, and a prime location makes this asset a compelling opportunity for investors looking to capitalize on the Valley Village rental market.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2023) 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
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,475,000 | Apartment Style | Low Rise |
| Price Per Unit | $295,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.01% | Building Size | 4,802 SF |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1948/1990 |
| Property Subtype | Apartment | Parking Ratio | 2.08/1,000 SF |
| Price | $1,475,000 |
| Price Per Unit | $295,000 |
| Sale Type | Investment |
| Cap Rate | 5.01% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,802 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1948/1990 |
| Parking Ratio | 2.08/1,000 SF |
Site Amenities
- Fenced Lot
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | $1,773 | 650 |
| 2+2.5 | 1 | $1,804 | 950 |
| 3+2 | 1 | $2,920 | 1,100 |
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Walk Score ®
Very Walkable (87)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $2,395,080 (2024) | |
| Land Assessment | $1,596,718 (2024) | Total Assessment | $3,991,798 (2024) |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,596,718 (2024)
Improvements Assessment
$2,395,080 (2024)
Total Assessment
$3,991,798 (2024)
zoning
| Zoning Code | R3 (restricted Density Multiple Dwelling) |
| R3 (restricted Density Multiple Dwelling) |
-
Filip Niculete -
Glen Scher -
Marcus & Millichap
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5 Units | Valley Village | Value Add | 5222 Hermitage Ave
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