For Sale
$7,950,000

15050 Moorpark StLos Angeles, CA 91403

25-Unit Value-Add Opportunity in LA

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 25-unit apartment building presents a compelling value-add investment opportunity in the desirable Sherman Oaks neighborhood of Los Angeles, California. Located at 15050 Moorpark Street, this two-story, garden-style building, constructed in 1984, sits on a 17,666 square foot lot and encompasses 19,482 square feet. The property features a mix of 24 one-bedroom, one-and-a-half-bathroom units and one two-bedroom, one-and-a-half-bathroom unit. Amenities include a semi-subterranean parking garage with 36 spaces, an interior courtyard with a spa, in-unit fireplaces, and a shared laundry facility. The building offers gated access and central air conditioning. Currently, rents reflect a significant loss-to-lease, presenting a substantial opportunity for increased revenue through renovations and market-rate adjustments. The property's prime location, just north of Ventura Boulevard, provides easy access to shopping, dining, and entertainment options, as well as major freeways (101 and 405), connecting residents to key employment centers in the San Fernando Valley. The asking price is $7,950,000, representing a price per unit of $318,000, a price per square foot of $408.07, a current NOI of $411,387, and a pro-forma NOI of $526,185. The property's current cap rate is 5.17%, with a pro-forma cap rate of 6.62%. The property is offered fee simple. This is a rare opportunity to acquire a non-rent-controlled asset in a highly sought-after location.

Highlights

  • 25-unit value-add apartment building in prime Sherman Oaks.
  • Not subject to Los Angeles Rent Stabilization Ordinance (RSO), allowing for higher rent increases.
  • Rare offering; a non-rent-controlled asset of this size and location rarely trades.
  • Excellent location, steps from Ventura Boulevard's shops, restaurants, and entertainment.
  • Significant value-add opportunity through renovations to capitalize on below-market rents.
  • Convenient freeway access (101 & 405) to major San Fernando Valley employment centers.

Property Details for 15050 Moorpark St

Property type
Apartment buildings
Square Feet
19,482 SF
Class
B
Year Built
1984
Buildings
1
Stories
2
Units
25

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.153982646224
Longitude
-118.4615305339
15050 Moorpark St, Los Angeles, California

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15050 Moorpark St
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