The LA Apartment Advisors are proud to present 12820 Vanowen Street located in North Hollywood, California. The offering is located in Opportunity Zone and sits on a 6,976 SF lot with an alley in the back with 3,179 SF of rentable area. The unit mix consists of 1- Three bedroom / Two bathroom detached front house and 3- Two bedroom / One bathroom units that were added in 1983 and are NOT subject to rent control. The Offering features 4- two car garages (for 8 cars in total). All units are individually metered for gas & electricity, and there is additional income from the on-site laundry.
This property presents the ideal situation for an owner to occupy the large 3-bedroom detached house in the front of the property, and gather rents from the 3 non-rent control units in the back. For an owner-user, you can get the best financing terms available in the market which will be an estimated 3% interest only loan. With a down payment of 30% ($375,000), you would be able to break even on the home you live in since the 3 non-rent controlled units would pay for the mortgage.
This offering also is very attractive for an investor. With a 50% down payment ($625,000), you can lock in 30-year fixed rate financing with today's low rates (estimated at 4.5%). Currently, the property is offered at a 4% CAP rate, but there is immediate upside potential in rents since the 3-non rent controlled units are all under market, and those rents can be raised from day 1 of ownership.
This offering is located in the dense rental market of North Hollywood, this property is just minutes from the NOHO Arts District, Universal Studios, Burbank, Toluca Lake and Sherman Oaks, and is within a few blocks of the Whitsett Sports Fields, Bellingham Elementary, eateries, and Ralphs Grocery store on Laurel Canyon. This location provides convenient access to the major employment centers of Downtown Los Angeles and Hollywood via the 170/134/101 freeways. There has been continued demand for new apartment units in North Hollywood, as the area has experienced a significant increase in employment opportunities and commercial investment over the past several years.