Runnymede Holiday Apartments presents opportunity to acquire a desirable garden style 40 unit complex consisting of open grounds and attractive low-maintenance construction consisting of an ideal (12) 1 bedroom / 1 bath units, (20) 2 Bedroom / 1 bath units, and (8) 3 bedroom / 2 bath units. The property does not possesses any decks, tuck-under parking, or exterior catwalks, thereby removing large capital expenditure items for long-term operations. The grounds consist of mature vegetation, open walkways, a picnic and playground area, a large onsite laundry facility, and fully gated grounds and parking. The property possesses significant income and equity growth potential with an in-place 4.45% cap rate and a 8.5% proforma cap rate on a proven loss to lease rent roll. Select units are renovated with proven renovated proforma rents. Runnymede Holiday Apartments is well located in the vibrant neighborhood of North Hollywood. Known for its artistic flair, diverse community, and convenient access to urban amenities, North Hollywood offers an enticing blend of entertainment, culture, and lifestyle opportunities. The property is located with quick access to Highway 170, The Burbank Airport, Iconic Noho Arts District, and various retail shops/centers in the immediate surrounding area. On a granular basis, the asset parcel is well located between a beautiful nursery and low density multifamily complex within 0.1 Miles of two new construction institutional grade Multifamily complexes showcasing a bullish microeconomic drive in the immediate pocket.
|
DAYS ON MARKET
|
18
|
LAST UPDATED
|
5/2/2024
|
|
YEAR BUILT
|
1970
|
COMMUNITY
|
North Hollywood
|
|
COUNTY
|
Los Angeles
|
STATUS
|
Active
|
|
PROPERTY TYPE(S)
|
Residential Income
|
|
|
| AREA |
North Hollywood |
| BUYER'S BROKERAGE COMPENSATION |
1.500 % |
| HOA DUES |
0 |
| LOT |
1.37 acre(s) |
| LOT DESCRIPTION |
36-40 Units/Acre |
| POOL DESCRIPTION |
None |
| SEWER |
Public Sewer |
| STORIES |
2 |
| ZONING |
Multifamily |
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Based on information from CRMLS as of 5/20/24 2:26 AM PDT. The information being provided by CRMLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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This IDX solution is (c) Diverse Solutions 2024.
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