Willowcrest Apartments - 65% Upside in Rents | 5937 Willowcrest Ave
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Willowcrest Apartments - 65% Upside in Rents 5937 Willowcrest Ave
8 Unit Apartment Building $1,425,000 ($178,125/Unit) 4.85% Cap Rate North Hollywood, CA 91601
Investment Highlights
- Great eight-unit apartment complex with (6) -1 bed / 1 bath, (1) - 1 bed / 1 bath ADU, and (1) - studio / 1 bath
- The building's main electrical panel was recently upgraded allowing for easier insurability (Buyer to Verify)
- On-site laundry room with machines on a current laundry lease
- Potential rental upside of approximately 65%
- Six parking spaces with completed seismic retrofit
- Assumable Chase loan of approximately $600,000 @ 3.51% that is fixed until July, 2026
Executive Summary
Located on Willowcrest Avenue in North Hollywood, California, this multifamily investment is a great opportunity for those looking for a clean building with updated electrical and complete seismic retrofit. Offering a unit mix of (7) - 1 bed / 1 bath and (1) - studio / 1 bath a buyer will have the opportunity to capture huge rental upside through renovations.
There is an assumable Chase loan with an assumable balance of around $600,000 at 3.51% that is fixed until July, 2026.
There is an assumable Chase loan with an assumable balance of around $600,000 at 3.51% that is fixed until July, 2026.
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 | $1,425,000 | Apartment Style | Low Rise |
| Price Per Unit | $178,125 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 4.85% | Building Size | 5,069 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.86 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1960 |
| Property Type | Multifamily | Parking Ratio | 1.18/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,425,000 |
| Price Per Unit | $178,125 |
| Sale Type | Investment |
| Cap Rate | 4.85% |
| Sale Conditions | 1031 Exchange |
| Gross Rent Multiplier | 12.86 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 5,069 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.18/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
| Studios | 1 | - | - |
1 of 1
Walk Score ®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 2415-014-021 | Improvements Assessment | $263,686 (2024) |
| Land Assessment | $112,999 (2024) | Total Assessment | $376,685 (2024) |
PROPERTY TAXES
Parcel Number
2415-014-021
Land Assessment
$112,999 (2024)
Improvements Assessment
$263,686 (2024)
Total Assessment
$376,685 (2024)
zoning
| Zoning Code | LAR3 (Multiple Dwelling) |
| LAR3 (Multiple Dwelling) |
-
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Willowcrest Apartments - 65% Upside in Rents | 5937 Willowcrest Ave
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