6844 Ben Avenue, North Hollywood, CA 91605

27 Units
Sale Price $5,275,000

Property Highlights

  • 53%+/- upside

  • 20.9% Average Annual Return

  • 104.5% total 5 Year Return

  • Market GRM of 8.92

  • Market Cash on Cash of 12.44%

  • Walking distance to the NoHo West Development

  • Rents jumped 3.5% in the 4th quarter of 2018 (half mile radius/R.E.I.S.)

  • Room to Grow - Rents in NOHO are almost 40% higher

  • Lowest GRM Available in North Hollywood*

  • 13 Units have been beautifully rehabbed

    *as of 2/11/2019 Not including court ordered sales

    **Legal Address for the property is:
    6843 Gentry Ave., North Hollywood, CA, 91605

    ***soft-story retrofit required

More Information

     27 Value Add Units in North Hollywood with 53%+/- upside in rents and a 4.82% Cash on Cash return. Also take a look at the cash flow analysis on page 29 to see a scenario that would achieve a 20.9% Average Annual ROI effectively doubling your investment in 5 years.

     13 of the units have already been upgraded with new kitchen cabinets, new bathrooms and new flooring, however they are not at market since the owner did not rehab the exterior of the building and the units will need to have the popcorn ceiling scraped, better showers installed and new windows. The good news is there is plenty of upside left for those units and the upgrade should only cost about $10,000/Unit.

     The property is within walking distance to the new “NoHo West” lifestyle center. This brand new development should provide similar property value and apartment rental increases in the surrounding areas much as “The Grove” in West LA or the “Americana at Brand” in Glendale provided. “NoHo West” will include a gym, movie theater, grocery store, offices, retail spaces and amenity-rich residential apartments. Check out a“NoHo West” video: https://nohowest.com

*The figures stated above are merely projections to be verified by Buyer.  Seller and his/her representatives does not warrant the accuracy of these figures. Buyer to conduct his/her own due diligence.

Like this property?

(310) 836 3638

Take a look at a few more of our listings!

Inquiries

Licensed Agent | CA DRE# 01898026

Compass

© 2019 by Kelly Morgan Commercial Group