Corteen Gardens 5311 Corteen Pl
38 Unit Apartment Building $10,250,000 ($269,737/Unit) 4.93% Cap Rate Valley Village, CA 91607
INVESTMENT HIGHLIGHTS
- Immediate Vacancy Upside
- 38-Unit Building with a Versatile Unit Mix
- Completed Seismic Retrofit
EXECUTIVE SUMMARY
BRC Advisors is proud to present 5311 Corteen Place, a 38-unit apartment building situated in the desirable Valley Village neighborhood of the San Fernando Valley. This well-maintained property features a diverse unit mix, including 1-bedroom, 2-bedroom, and 3-bedroom apartments, offering investors a stable, income-generating asset with significant upside potential.
The property will be delivered with 10 vacant units, creating immediate opportunities to increase rental income through lease-up and potential renovations. Conveniently located near major freeways (101 & 170), employment hubs such as Warner Bros. Studios and Universal Studios, and a variety of local amenities including shops, restaurants, and parks, the property boasts an ideal location for tenants.
Additionally, the required seismic retrofit work has been completed, ensuring compliance with Los Angeles’ latest earthquake safety standards and minimizing future capital expenditure risks (buyer to verify).
For more information or to schedule a tour, please contact us today.
The property will be delivered with 10 vacant units, creating immediate opportunities to increase rental income through lease-up and potential renovations. Conveniently located near major freeways (101 & 170), employment hubs such as Warner Bros. Studios and Universal Studios, and a variety of local amenities including shops, restaurants, and parks, the property boasts an ideal location for tenants.
Additionally, the required seismic retrofit work has been completed, ensuring compliance with Los Angeles’ latest earthquake safety standards and minimizing future capital expenditure risks (buyer to verify).
For more information or to schedule a tour, please contact us today.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$854,054
|
$22.78
|
| Other Income |
$3,806
|
$0.10
|
| Vacancy Loss |
$34,162
|
$0.91
|
| Effective Gross Income |
$823,698
|
$21.97
|
| Taxes |
$122,968
|
$3.28
|
| Operating Expenses |
$195,181
|
$5.21
|
| Total Expenses |
$318,149
|
$8.49
|
| Net Operating Income |
$505,549
|
$13.48
|
PROPERTY FACTS
| Price | $10,250,000 |
| Price Per Unit | $269,737 |
| Sale Type | Investment |
| Cap Rate | 4.93% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 12 |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.90 AC |
| Building Size | 37,491 SF |
| Average Occupancy | 71% |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.01/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Pool
- Security System
- Gated
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 14 | $1,560 | 800 |
| 2+2 | 22 | $1,951 | 1,000 - 1,100 |
| 3+2 | 2 | $2,251 | 1,250 |
1 of 1
Walk Score®
Very Walkable (81)
PROPERTY TAXES
| Parcel Number | 2347-027-015 | Total Assessment | $9,284,681 |
| Land Assessment | $5,802,926 | Annual Taxes | $122,968 ($3.28/SF) |
| Improvements Assessment | $3,481,755 | Tax Year | 2024 |
ZONING
| Zoning Code | LAR3 |
