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5821 Hazeltine Ave

Van Nuys, CA 91401
  • $1,225,000
  • STATUS: Active
  • ON SITE: 15 Days
  • MLS #: 22-154781
UPDATED: 52 min ago
$1,225,000
  • 4
    BEDS
  • 0.14
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 2,467
    SQFT
  • $497
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1928
County:
Area:

School Ratings & Info

Description

We are pleased to present this 4 unit property located at 5821 Hazeltine Ave in Van Nuys, CA, ideally situated South of Oxnard Street, and just two blocks north of the Sherman Oaks city border at Burbank Blvd. This 4 unit offering sits on a 0.14 acre lot, it has an alleyway behind the property for easy access to the property's gated parking, and it comes with 3 units that are not subject to LA City Rent Control (only subject to AB-1482). The offering is comprised of a stand alone, 800 square foot, 2 bedroom house in front, which was built in 1928 and subject to LA rent control, and a triplex at the back of the lot which was built in December 1978 and is comprised of (2) 1 bed units and (1) bachelor. Since this triplex in back was built after the cutoff for LA Rent Control, those three apartment units are not subject to LA's strict rent control laws, and they are only subject to the more lenient AB-1482 rent control laws which allows annual rent increases equal to 5% + CPI. Also, the front 2-bed house was fully renovated in 2015 with all new electrical, plumbing, floors, kitchen, bathroom, etc. The seller of this property has owned this building since the 1970s, almost 50 years of ownership. In fact, the seller is the one who built the triplex in the back of the lot in December 1978. The property has been maintained with extreme care over the decades, like you would expect from a pride of ownership mom and pop landlord.The property presents the buyer with a couple of avenues to add value. First, the current rents are approximately 24% below full market potential. For the non-rent-controlled triplex, you can get those rents up to full market potential much quicker than you'd be able to for LA rent controlled units. For the front house that is rent controlled, a strategic buyer could potentially owner-occupy that house for a period of time, which would be the easiest avenue to get that rent controlled unit vacant. This would allow the buyer to capture a large amount of upside potential when re-leased at market rents in the future. Lastly, a buyer would be wise to speak with ADU companies about the converting the 4 tuck under parking spots in the back to an ADU, which would be great way to add much more value than the cost of construction would be. Lastly, the tuck under parking in the alleyway is not on LA City's list of properties that need to be retrofitting for earthquake safety.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-25T15:43:13.483. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.searchdesertrealestate.com/homes/128516349
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5821 Hazeltine Ave Van Nuys, CA 91401

  • Price: $1,225,000
  • Status: Active
  • On Site: 15 Days
  • Updated: 52 min ago
  • MLS #: 22-154781
4
Beds
0
Baths
0
½ Baths
0.14
Acres
2,467
SQFT
$497
$/SQFT
1928
Built
Neighborhood:
Sherman Oaks
County:
Los Angeles
Area:
Sherman Oaks
Property Description
We are pleased to present this 4 unit property located at 5821 Hazeltine Ave in Van Nuys, CA, ideally situated South of Oxnard Street, and just two blocks north of the Sherman Oaks city border at Burbank Blvd. This 4 unit offering sits on a 0.14 acre lot, it has an alleyway behind the property for easy access to the property's gated parking, and it comes with 3 units that are not subject to LA City Rent Control (only subject to AB-1482). The offering is comprised of a stand alone, 800 square foot, 2 bedroom house in front, which was built in 1928 and subject to LA rent control, and a triplex at the back of the lot which was built in December 1978 and is comprised of (2) 1 bed units and (1) bachelor. Since this triplex in back was built after the cutoff for LA Rent Control, those three apartment units are not subject to LA's strict rent control laws, and they are only subject to the more lenient AB-1482 rent control laws which allows annual rent increases equal to 5% + CPI. Also, the front 2-bed house was fully renovated in 2015 with all new electrical, plumbing, floors, kitchen, bathroom, etc. The seller of this property has owned this building since the 1970s, almost 50 years of ownership. In fact, the seller is the one who built the triplex in the back of the lot in December 1978. The property has been maintained with extreme care over the decades, like you would expect from a pride of ownership mom and pop landlord.The property presents the buyer with a couple of avenues to add value. First, the current rents are approximately 24% below full market potential. For the non-rent-controlled triplex, you can get those rents up to full market potential much quicker than you'd be able to for LA rent controlled units. For the front house that is rent controlled, a strategic buyer could potentially owner-occupy that house for a period of time, which would be the easiest avenue to get that rent controlled unit vacant. This would allow the buyer to capture a large amount of upside potential when re-leased at market rents in the future. Lastly, a buyer would be wise to speak with ADU companies about the converting the 4 tuck under parking spots in the back to an ADU, which would be great way to add much more value than the cost of construction would be. Lastly, the tuck under parking in the alleyway is not on LA City's list of properties that need to be retrofitting for earthquake safety.
Exterior Features

Lot Size Area 5896 Other Structures None Parking Garage Covered Parking Total Parking 4

Interior Features

Baths Total 4.00 Cooling Other Equipment Other Heating Other

Property Features

Assessed Total Value 134449 Gross Income 77400 Gross Operating Income 75078 Like Units1 1 Like Units2 1 Like Units3 1 Like Units4 1 Net Operating Income 50208.00 Number Of Buildings 2 Number Of Units 4 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Source Lot Size Dimensions Vendor Enhanced Total Annual Expense 25590 Type Of Units Market Year Built Source Vendor Enhanced Zoning Lard1.5

Listing provided courtesy of Filip Niculete DRE#01905352 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-05-25T15:43:13.483. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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The John Jay Group - Bennion Deville Homes
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