14938 Moorpark St Sherman Oaks, CA 91403-2507

Property Details for 14938 Moorpark St

Year built

1960

Construction

WOOD

Lot size

0.14 lot acres

Property size

4,720 SF

Zone code

LARD1.5

Property type

Apartment buildings

APN

2264-016-036

APU

2264016036

Description

This exceptional 7-unit apartment building presents a compelling value-add investment opportunity in the heart of Sherman Oaks, California. Located at 14938 Moorpark Street, this two-story, Class C property boasts a prime location just one block from Ventura Boulevard, offering unparalleled access to a vibrant array of amenities. The property features 5,884 square feet of land and includes 8 parking spaces. Currently operating at 100% occupancy, the building generates a current NOI of $76,251, representing a 4.12% cap rate. However, a significant upside potential exists due to below-market rents, allowing for a pro-forma NOI of $118,598 and a pro-forma cap rate of 6.41%. The asking price is $1,849,000, translating to $264,142.86 per unit. Residents enjoy proximity to upscale grocery stores (Pavilions and Whole Foods), popular restaurants (Blu Jam Cafe, Mulberry Street Pizza, Marmalade Cafe), the Sherman Oaks Galleria, Regal Cinemas, and 24 Hour Fitness. Convenient access to the 101 and 405 freeways and public transportation ensures easy commutes throughout the Los Angeles metropolitan area. The property is zoned LARD1.5, and the possibility of redevelopment for higher density exists, subject to buyer verification. The sale is contingent upon the seller identifying a 1031 exchange. This is a rare opportunity to acquire a well-located, value-add multifamily asset with significant upside potential in a highly desirable Los Angeles neighborhood. APN: 2264-016-036.