10814 Blix StLos Angeles, CA 91602

Property Details for 10814 Blix St

Year built

1916

Construction

WOOD

Lot size

0.45 AC

Property size (Sq ft)

8,541 SF

Zone code

LAR3

Property type

Residential income properties

Property subtype

Other 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.

• CAP approach

  CAP return

  Valuation

  6%

  $3,065,815

  6.5%

  $2,829,983

  7%

  $2,627,842

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,517,443

  Geo Method

  $2,517,443

• Alternative Use

  Use

  Valuation

  Residential

  $2,829,983

  Hospitality

  $2,592,250

  Educational

  $2,156,721

  Medical

  $2,230,894

  Retail

  $3,354,900

Location Insight

City

North Hollywood

County

Los Angeles

State

California

Latitude

34.1564

Longitude

-118.366

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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