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Listed by Maxwell R Brown • Commercial Asset Advisors
$ 15,000,000
Est. payment /mo
New
19344 Wyandotte Street Reseda, CA 91335
50,191 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 50,191 sqft
Price per Sqft $298
MLS Listing ID 8P-2503080
Year Built 1964
Lot Size 1.290 Acres
Property Description
We are pleased to present the opportunity to acquire a high yield, partially renovated, multifamily asset in prime location Reseda bordering the most desirable neighborhoods in the San Fernando Valley including Calabasas, Tarzana, Encino, and West Hills. 19344 Wyandotte St consists of 57 units, roughly 20 of which have been renovated allowing for notable additional upside in income upon turnover of the remaining unrenovated units. The asset consists of oversized square footage units compromised of primarily 2 bedroom units, while also consisting of a healthy assortment of Studios, 1 Beds, and 3 Beds. The average unit size is 881 square feet based on title records of 50,191 gross building square footage. Ownership will find long term benefit in acquiring an asset at notably below replacement cost of $299 per sqft. The majority of units possess a private small porch or balcony for tenant enjoyment along with 60+ covered parking spaces with small storage lockers at the rear of each parking space. Current gross annual income totals $1,456,117 with a potential full market annual income of $1,865,000+. The $877,925 in-place net operating income yields a 5.85% with potential to achieve a 8.43% cap rate upon renovation of remaining units and full market rents. Additionally, ownership has seen lower than traditional vacancy operations due to attractive asset grounds and micro location adjoining to the low density single family neighborhood.
Location
State CA
County Los Angeles
Area Res - Reseda
Zoning RD 2-1
Interior
Laundry Community
Exterior
Parking Features Gated
Pool Community
Community Features BLM/National Forest, Hiking, Park, Sidewalks, Street Lights, Suburban
View Y/N No
Building
Lot Description 36-40 Units/Acre
Sewer Public Sewer
Others
Virtual Tour https://www.propertypanorama.com/instaview/crmls/PTP2503080