14556 Magnolia Blvd Sherman Oaks, CA 91403-1459

Property Details for 14556 Magnolia Blvd

Year built

1961

Construction

WOOD

Lot size

0.57 lot acres

Property size

39,198 SF

Zone code

LAR3

Property type

Apartment buildings

APN

2263-035-023

APU

2263035023

Description

This exceptional 50-unit apartment building presents a compelling value-add investment opportunity in the highly desirable Sherman Oaks submarket of Los Angeles. The property, boasting 39,198 square feet on a 0.57-acre lot, features a mix of 17 studio/one-bathroom and 33 one-bedroom/one-bathroom units. Current rents are significantly below market, offering substantial upside potential for a new owner to renovate and increase income. Built in 1961, the building is zoned LAR3 and includes desirable amenities such as a secured access, swimming pool, grilling/picnic area, lounge, fitness center, laundry facilities, elevator, and gated subterranean parking. Units feature attractive finishes including wood flooring, granite countertops, dishwashers, microwaves, and floor-to-ceiling living room windows in select units. The property's prime location near the 405 and 101 freeways provides easy access to major employment centers in Woodland Hills, Encino, North Hollywood, Burbank, and Glendale. Furthermore, its proximity to shopping, dining, and entertainment options on Van Nuys and Ventura Boulevards adds to its appeal. The current Net Operating Income (NOI) is $597,759, with a pro-forma NOI projected at $782,798, reflecting a 5.72% current cap rate and a pro-forma cap rate of 7.49%. The asking price is $10,450,000, representing a price per unit of $209,000 and a price per square foot of $266.60. This is a rare opportunity to acquire a well-located, value-add multifamily property in one of Los Angeles's most sought-after neighborhoods. The property's address is 14556 Magnolia Blvd, Los Angeles, CA 91403, APN 2263-035-023.