8241 Whitsett Avenue, North Hollywood, CA 91605
Property
Sold January 2023
Listing Agent: Roderick 'Rick' Raymundo (DRE #01357019) · Listing Office: Marcus & Millichap · Contact: 818-212-2700 · Bought with: Roderick 'Rick' Raymundo · Marcus & Millichap · MLS #22220253 · Source: CRMLS
About this property
With current rents approximately 40% below market rates, a new owner may be able to upgrade unit interiors to help capitalize on this future income. With all seismic retrofit repairs already completed by the current owner (Buyer to verify), the new investor may also be able to implement the seismic reimbursement pass-throughs with tenants to generate even more revenue. Even beyond that, the property may allow for two ADUs to be added, creating further value and income for the new owner. In addition to the completed seismic retrofit repairs, the building's plumbing has also been upgraded to copper pipes (Buyer to verify). Select unit interiors have been renovated with new wood flooring, granite countertops, and remodeled bathrooms. Despite the recent upgrades, the property is available for only $287 per building square foot, while similar properties have recently sold for an average of $340 per square foot. Located in North Hollywood, the property is one block from both Polytechnic High School and the 50-acre Sheldon Arleta Recreational Park. It benefits from being one of only four multifamily properties within a half-mile radius, surrounded largely by single-family homes in a quiet, low density neighborhood. Tenants enjoy convenient access to both the 5 and 170 Freeways, with several public transportation options nearby.
Listing description from the January 2023 sale, as reported to CRMLS.
Sale history