10039 Haines Cyn AveLos Angeles, CA 91042

Property Details for 10039 Haines Cyn Ave

Year built

1957

Construction

WOOD

Lot size

0.39 AC

Property size (Sq ft)

9,588 SF

Zone code

LARD3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

2568-001-014

APU

2568001014

Description

This exceptional 12-unit apartment complex presents a compelling value-add opportunity in the desirable Tujunga neighborhood of Los Angeles, CA. Situated on a ±17,013 square foot lot at 10039 Haines Canyon Ave, 91042, this property comprises two 2-story buildings totaling ±9,588 square feet, built in 1957. Currently boasting a 66% occupancy rate, the property features twelve 2-bedroom/1-bathroom units, each with individual gas and electric meters. The owner currently covers water, septic, and trash services. The property offers twenty parking spaces – twelve covered and eight open – with a driveway wrapping around the buildings for convenient access. One building recently underwent a roof replacement. The current Net Operating Income (NOI) is $169,419, with a projected NOI of $275,764 upon lease-up of the four vacant units, representing a significant potential increase of approximately 40%. The property is zoned LARD3 and offers substantial upside potential through various value-add strategies, including the addition of a laundry room, construction of accessory dwelling units, and rent increases to market rates. Its convenient location near Burbank, Glendale, and Pasadena provides easy access to the amenities of these thriving cities. The asking price is $2,750,000, representing a price per unit of $229,166.67 and a current cap rate of 6.16%, with a pro-forma cap rate of 10.03%. This property is offered fee simple.

• CAP approach

  CAP return

  Valuation

  6%

  $3,875,034

  6.5%

  $3,576,954

  7%

  $3,321,458

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,826,044

  Geo Method

  $2,826,044

• Alternative Use

  Use

  Valuation

  Residential

  $3,576,954

  Hospitality

  $3,276,471

  Educational

  $2,725,986

  Medical

  $2,819,736

  Retail

  $4,240,422

Location Insight

City

Tujunga

County

Los Angeles

State

California

Latitude

34.251

Longitude

-118.28

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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