MarketPier

13804 MOORPARK Street - Sherman Oaks, CA 91423

$1,400,000
Listing Description

We are pleased to present this unique opportunity to acquire a 6-unit building located at 13804 Moorpark St, Sherman Oaks, California. Situated at the corner of one of the most sought after streets in Sherman Oaks, this rent-controlled building consists of all Studio/1-bath units of approximately 400 square feet each. With no deferred maintenance to speak of, the property boasts upgraded, clean units with 100% copper plumbing throughout and a pristine roof. With the current rental income of approximately $83,000 per year, an investor can get financing at a 4.00% interest rate on a down payment of 45% ($630,000) for a fully amortized loan. If an investor decided to get an interest only loan to help with the initial cash flow, the interest rate would be slightly higher at 4.15%. Furthermore, all units are eligible for a 4% rent increase October 1st, which will boost the annual rents by an additional $3,300.

Listing Information
MLS Number
19476902
APN/Parcel ID
2271017039
Type
Multifamily
Sub Type
Multifamily
Building Size
2,400 sqft
Lot Size
6,121 sqft
Price / SQFT
$583
No Units
6
Price / Unit
$233,333
Gross Income
$82,932
Total Expenses
$29,785
Net Income
$50,659
Rent Multiplier
16.88
Cap Rate
3.62%
Listing Date
6/11/2019
Days Active
12
Last Updated
6/24/2019
Listing Provided By
Filip Niculete
Marcus & Millichap
BRE# 01905352

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