UPDATED:
12/12/2024 04:06 AM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SR24248381
HOA Y/N No
Year Built 1947
Lot Size 0.341 Acres
Property Description
In the super low turnover and historically vacancy-proof pocket, the opportunity offers a pride of ownership acquisition in one of the most landlord-friendly cities in California. Well maintained, the property has a pitched roof, upgraded electrical sub-panels, newer windows, professionally landscaped, ample on-site parking & laundry facility.
All units are 2 bedrooms, averaging over 1,000 sf, sitting on an almost 15,000 sf corner lot.
Although the offering is already priced well at 14.2 GRM (as of 5.1.25), there is considerable rental upside by way of loss to lease and or modernization of interiors, the GRM falls to 12. Furthermore, California recently passed SB 211, allowing for a maximum of (8) ADUs but not to exceed the total number of existing units. With the implementation of a couple of ADUs (buyer to verify), the building would pay for itself in 8 years!
The Colonial Oak Apartments are just under 4 miles to the Chevy Chase Country Club (CCCC), a hidden gem in the Verdugo Mountains. Some of the long list of amenities are the 18 hole golf course & driving range, tennis courts, swimming pool, clubhouse, exquisite dining options, fitness center and entertainment venue.
The local home value per homes.com is $1,632,000, enforcing considerable affordability gap to own a single-family home in this area, a major driver of rents as well. The Colonial Oak Apartments are the only multifamily investment opportunity available for acquisition in the area and in the zip code.
Located in a very peaceful and residential area yet close to major retail, schools, shops and entertainment. The opportunity provides for consistent cashflow and forever built-in demand for occupancy.
Location
State CA
County Los Angeles
Area 624 - Glendale-Chevy Chase/E. Glenoaks
Zoning GLR4*
Interior
Fireplace No
Laundry Common Area
Exterior
Garage Spaces 8.0
Garage Description 8.0
Pool None
Community Features Curbs, Foothills, Golf, Gutter(s), Hiking, Park, Street Lights, Sidewalks
Total Parking Spaces 8
Private Pool No
Building
Lot Description 6-10 Units/Acre
Story 2
Entry Level Two
Sewer Private Sewer
Water Private
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5665018014
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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