15050 Moorpark StLos Angeles, CA 91403
- Residential income properties
- 19,482 SF
Property Details for 15050 Moorpark St
- Year built
- 1984
- Construction
- WOOD
- Lot size
- 0.41 AC
- Property size (Sq ft)
- 19,482 SF
- Zone code
- LAR3
- Property type
- Residential income properties
- Property subtype
- Other apartment buildings
- APN
- 2264-016-050
- APU
- 2264016050
Description
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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $6,993,117
- 6.5%
- $6,455,185
- 7%
- $5,994,100
-
Comparable approach
- Method
- Valuation
- Relative Method
- $5,742,280
- Geo Method
- $5,742,280
-
Alternative Use
- Use
- Valuation
- Residential
- $6,455,185
- Hospitality
- $5,912,914
- Educational
- $4,919,476
- Medical
- $5,088,664
- Retail
- $7,652,518
Location Insight
- City
- Sherman Oaks
- County
- Los Angeles
- State
- California
- Latitude
- 34.1537
- Longitude
- -118.461
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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