10814 Blix St North Hollywood, CA 91602-1337
- Apartment buildings
- 8,541 SF
- 0.45 lot acres
Dec 01, 2020
Current Use by Public Records
- Apartment buildings
Property Details for 10814 Blix St
- Year built
- 1916
- Construction
- WOOD
- Lot size
- 0.45 lot acres
- Property size
- 8,541 SF
- Zone code
- LAR3
- Property type
- Apartment buildings
- APN
- 2421-022-003
- APU
- 2421022003
Description
This exceptional 18-unit apartment building presents a compelling investment opportunity in the highly desirable Toluca Woods neighborhood of Los Angeles, California. Situated on a spacious 19,496 square foot lot, the property comprises three buildings, each offering a mix of studio, one-bedroom, and two-bedroom apartments, totaling 9,435 square feet of net rentable space. Built in 1950, the property boasts a two-story configuration and is zoned LAR3, offering significant potential for future development or redevelopment. The current NOI is $247,622, with a pro-forma NOI of $274,504, resulting in a 5.11% cap rate and a pro-forma cap rate of 5.66%. The asking price is $4,850,000, translating to $269,444.44 per unit and $514.04 per square foot. The property includes 20 dedicated parking spaces and five storage units, adding to its overall value. Significant upgrades have been implemented throughout the years, including the majority of units featuring hardwood floors and granite countertops, upgraded electric panels, and separate tankless water heaters in 16 units. Utilities are sub-metered for water, and separately metered for gas and electricity. The property also includes a laundry facility with two new washers and dryers owned by the landlord. Its prime location offers easy access to public transportation, including the North Hollywood Metro Station, and major freeways (134, 101, and 170), placing it within close proximity to the vibrant NoHo Arts District, Studio City, and Universal Studios. This property is ideally suited for investors seeking strong rental income and significant upside potential in a rapidly growing area of Los Angeles. The property's location within TOC Tier 3 further enhances its redevelopment potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $4,315,000
- ML approach
- $4,290,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $3,185,000
Market price range: $1.37M - $3.19M
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Location Insight
- Map
- Local Demand
- City
- North Hollywood
- County
- Los Angeles
- State
- California
- Longitude
- -118.366
- Latitude
- 34.1564
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
