15050 Moorpark St Sherman Oaks, CA 91403-2449

Property Details for 15050 Moorpark St

Year built

1984

Construction

WOOD

Lot size

0.41 lot acres

Property size

19,482 SF

Zone code

LAR3

Property type

Apartment buildings

APN

2264-016-050

APU

2264016050

Description

This exceptional 25-unit apartment building presents a compelling value-add investment opportunity in the desirable Sherman Oaks neighborhood of Los Angeles, California. Located at 15050 Moorpark Street, this two-story, garden-style building, constructed in 1984, sits on a 17,666 square foot lot and encompasses 19,482 square feet. The property features a mix of 24 one-bedroom, one-and-a-half-bathroom units and one two-bedroom, one-and-a-half-bathroom unit. Amenities include a semi-subterranean parking garage with 36 spaces, an interior courtyard with a spa, in-unit fireplaces, and a shared laundry facility. The building offers gated access and central air conditioning. Currently, rents reflect a significant loss-to-lease, presenting a substantial opportunity for increased revenue through renovations and market-rate adjustments. The property's prime location, just north of Ventura Boulevard, provides easy access to shopping, dining, and entertainment options, as well as major freeways (101 and 405), connecting residents to key employment centers in the San Fernando Valley. The asking price is $7,950,000, representing a price per unit of $318,000, a price per square foot of $408.07, a current NOI of $411,387, and a pro-forma NOI of $526,185. The property's current cap rate is 5.17%, with a pro-forma cap rate of 6.62%. The property is offered fee simple. This is a rare opportunity to acquire a non-rent-controlled asset in a highly sought-after location.