11744 Runnymede St Los Angeles, CA 91065

Property Details for 11744 Runnymede St

Year built

1970

Lot size

1.37 lot acres

Property size

36,408 SF

Property type

Apartment buildings

Description

This exceptional 40-unit apartment building in Los Angeles, CA presents a compelling value-add opportunity. Located at 11744 Runnymede St, 91065, this 1.366-acre property boasts 36,408 square feet of space, offering a mix of 12 one-bedroom/one-bathroom units (650 sq ft), 20 two-bedroom/one-bathroom units (950 sq ft), and 8 three-bedroom/two-bathroom units (1200 sq ft). The property features attractive low-maintenance construction, including mature landscaping (roses, eucalyptus, succulents, hibiscus), a playground, picnic area, on-site laundry, and gated parking with 56 spaces. Importantly, the absence of decks, tuck-under parking, and exterior catwalks minimizes potential capital expenditures. Approximately 18-20 units have undergone partial renovations (new flooring, cabinets, countertops, appliances, bathroom enclosures, and paint), while 3-4 units have received complete renovations, including new shaker cabinets and vanities. Current rents exceed $2,000 for one-bedroom units and $2,570+ for two-bedroom units, indicating significant upside potential. The property's location between a nursery and low-density multifamily complexes, and near two newly constructed institutional-grade multifamily buildings, highlights a strong microeconomic environment. Built in 1970, this Class B property is offered at $8,750,000 ($240.38/sq ft and $218,750/unit), with a current NOI of $495,491 and a pro-forma NOI of $868,674, representing a 5.66% cap rate and a pro-forma cap rate of 9.93%. The property is not subject to a ground lease and does not require a soft-story retrofit. This presents a rare opportunity to acquire a well-located, low-maintenance asset in North Hollywood below replacement cost.