4215 Vineland Avenue, Studio City, CA 91602

$8,450,000 Approx. USD 45 beds, 45 baths
28,494 sqft

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Brochure

Photo of Toni Cieri

Marketed By Toni Cieri REALTOR® - Broker Associate 858-229-4911 m
858-229-4911 o
Lic#: 00780968
NRDS ID: 182001159
tonicieri@aol.com Del Mar Office
3790 Via De La Valle, Ste, 201
Del Mar, CA 92014
Phone: 858-259-6400
Fax: 858-481-1483

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Agent Remarks

4215 Vineland Ave is a 32-unit value add multifamily opportunity on a huge lot in the heart of Studio City, offered at $8,450,000 by a motivated Seller. The property features 20 vacant units ready for immediate renovation that would achieve a 6 plus cap rate after estimated interior and exterior renovation costs. The remaining 12 occupied units have over 75% rental upside that could be unlocked over time as additional tenants relocate. The property also presents a compelling development angle: our architect designer has developed a site plan for adding 12 additional units that include 4 attached ADUs and 8 detached ADUs. The plan was developed with an emphasis on keep building costs low and retaining at least 33 parking spaces. The 8 detached ADUs would be exempt from city and state rent control for 15 years. A preliminary bid from a licensed general contractor prices the construction of the 12 ADUs at $2,850,000, bringing the total unit count to 44 and the cap rate to an estimated 7.65%. This asset is in an excellent location. Only a 10-minute walk to Ventura Blvd and short distance to major studios such as Universal, Warner Brothers and NBC, tenants can enjoy a walking lifestyle with easy access to jobs, shops and restaurants. This is a rare opportunity to own a 32 or 44 unit that is almost completely upgraded in the heart of Studio City.

Listing Details

Property type: (Multi-Family)

Status: Active

MLS# 26838789

Price: $8,450,000

Beds: 45

Baths: 45

Built in 1962

28,494 sqft

2 stories

0.92 acres

Lot size: 0.9172