14925 Sherman Way Los Angeles, CA 91405

Property Details for 14925 Sherman Way

Year built

1964

Property size

26,760 SF

Property type

Apartment buildings

Description

This 32-unit apartment building, located at 14925 Sherman Way, Los Angeles, CA 91405, presents a compelling value-add investment opportunity. Situated in the Van Nuys submarket of the San Fernando Valley, this two-story garden-style complex boasts excellent visibility on a major artery with easy 405 Freeway access. The property features a gated entry, a swimming pool, a laundry room, and a landscaped courtyard. Parking is also gated, accommodating 34 vehicles (24 tuck-under spaces, 9 carport spaces, and 1 open space). The building has undergone significant improvements, including completion of mandatory seismic retrofitting, driveway repaving, and a new roof (approximately 10 years ago). Individual gas and electric meters are installed, and most units include private patios or balconies. The unit mix is ideal, with 56% being two-bedroom, two-bathroom units (averaging $1.59 per square foot) and 44% being one-bedroom units (averaging $1.34 per square foot). Current rents are significantly below market value (at least 50% below), offering substantial upside potential. The property's location within an Opportunity Zone provides additional tax advantages for investors seeking to substantially improve the asset. The 26,760 square foot building sits on a 29,594 square foot lot and was built in 1964. The current asking price is $6,250,000, representing a price per unit of $195,312.50 and a price per square foot of $233.56. The property currently enjoys 100% occupancy and generates a Net Operating Income (NOI) of $291,949, resulting in a 4.67% capitalization rate. The permitted zoning is LAR3.