We are proud to present 4809 Laurelgrove Avenue, a 1980 construction 16-unit apartment building in the beautiful and expanding city of Valley Village, one of the most sought-after rental pockets in the San Fernando Valley. The Sellers have had this property in their family portfolio for over 30 years, during which time they've continually updated and improved the asset to maintain comfortable living conditions for their tenants. The property is a single structure that measures 18,176 square feet, residing on a large 0.28-acre lot measuring 12,0008 square feet on the signalized corner of Riverside Drive and Laurelgrove Avenue. The property boasts a strong unit mix comprised of (4) 1 bed / 1 bath units, (8) 2 bed / 2 bath units, and (4) unique, two-level loft units with a single, full bathroom in each. Select units come with private balconies, in some cases two of them, and floorplans across the property vary to maximize views, square footage, natural light, and open space. Each unit comes equipped with central heat and air, along with refrigerators and gas-powered stovetop ovens. A handful of the units have been renovated with updated flooring, kitchens, and appliances along with ample storage and cabinet space. With regards to common area space, the hallways have been newly carpeted, along with a fresh coat of paint on the walls; the roof was replaced about three years ago as well. The property is secured by a front entry security door with call box, and the gate to the on-grade, 27-space parking lot, which is operated by garage door openers possessed by the tenants. The property also offers its tenants amenities such as a private "Zen garden", and (2) enclosed laundry rooms with coin-operated machines. There are a total of (2) washers and (2) dryers, owned by the landlords, that bring in roughly $350 per month of extra income. Most of the property's major systems have been updated over the past handful of years. Most notably, the property has 100% copper plumbing, and all of the individual unit's subpanels have been recently replaced. The property offers significant value-add components as well. Rents are considerably below market, and by way of AB-1482, the Buyer will be afforded the opportunity to raise rents soon after claiming ownership. Another way a new investor could increase income would be to rent out the (6) storage units in the garage, which aren't currently being leased out. There is also an opportunity to convert some unused space to ADUs or build ground-up construction ADUs in the back of the lot. Buyer to verify. This ideally located property is a perfect value-add investment without the hindrances of RSO rent control laws.
Courtesy of Marcus & Millichap, Filip Niculete,
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Data last updated 3/20/23