5909 Whitnall Hwy North Hollywood, CA 91601
5,005 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID SR26040606
HOA Y/N No
Year Built 1954
Lot Size 5,005 Sqft
Property Sub-Type Quadruplex
Property Description
The structure was built in 1954 and features a pitched composite roof and slab foundation with separately metered gas and electric. Master metered water, house lights and laundry. It is gated front and back, not locking, and features a large patio area along three sides of the property. Landscaping is minimal and low maintenance. Unit interior fit and finish varies with unit number three being the only one with granite counters and updated flooring. Condition and type of plumbing is unknown at the time of publication. Age of roof is also unknown.
The rent survey conducted for this property indicates significant upside to the current rent levels. Comparables for rent are limited as occupancy remains high in the immediate location. The average rent for the properties in our survey is $2,264. We have estimated the market rent to be $2,100. The current average rent for the property is $1,321 with appx. upside of 59%. Gross Rent Multiplier at market rents is 8.68. The property is under Los Angeles Rent Stabilization Ordinance and State of California rent increase restrictions.
The former laundry room is currently being used as storage and the gas meter has been removed. We would recommend the investor work with a laundry lease company to install new machines and convert the storage room back into a laundry room for additional income.
Expenses: Property tax is estimated per Titlepro at the sales price of $875,000, 1.24%. Maintenance and repairs are estimated at 7.7% of the scheduled gross income. The seller's current insurance is lower than our estimate of $3,250. Water, sewer and power is listed under water and sewer as we do not have a breakdown of costs. Pest control is estimated at $50 monthly and gardener is $100. License and fees include SCEP and RSO. Actual operating will be provided in the due diligence material. Seller will not consider any carry back.
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Zoning QR3-1
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplaces Type None
Inclusions All items on site used in the day to day operation of the property.
Fireplace No
Appliance Gas Oven, Gas Range
Laundry None
Exterior
Parking Features Asphalt, On Site, Uncovered
Pool None
Community Features Biking, Curbs, Dog Park, Street Lights, Sidewalks, Park
Utilities Available Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
View Y/N No
View None
Roof Type Composition
Accessibility None
Total Parking Spaces 4
Private Pool No
Building
Lot Description Near Park, Rectangular Lot
Story 2
Foundation Slab
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 2415013012
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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