Active
5222 Hermitage Ave
Valley Village CA, 91607
$6,100,000
$338.72 per sqft
Active
34 Beds
32 Baths
18,009 sqft
Residential
Built in 1970
We are proud to present 5222-5228 Hermitage Avenue - a value add real estate opportunity located in Valley Village, CA. The 20 unit building is comprised of 1- Studio, 4- 1 bed/1 bath, 1- 1 bed/1.5 bath, 2- 2 bed/1 bath, 9- 2 bed/2 bath, 2- 2 bed/2.5 bath and 1- 3 bed/2 bath units. Constructed in 1948 & 1970, the 20 units sits on 2 APNs which eliminates the need for an on-site manager. The property spans 18,009 gross square feet, and is set on a total 0.52-acre lot. The property has ample gated and garage parking for tenants with easy access through the front or either side of the properties. To enhance the quality of living for residents, the property features a smoke-free environment, intercom, laundry facilities and pool.One of this property's significant attractions is the great value-add potential. Current rents at the property are approximately 33% below the market rate, presenting a significant opportunity for the buyer. Assuming the buyer can turn over all units and achieve market rents throughout, we estimate that the units could bring in about $54,000 in gross rental income each month, or about $650,000 per year, increasing the buyer's CAP rate to 7.55%! The location of 5222-5228 Hermitage Ave in Valley Village is particularly noteworthy with a Walk Score of 79 (Very Walkable). Valley Village is a desirable community within the San Fernando Valley, known for its residential charm, accessibility, and convenience. The property benefits from its proximity to key transportation routes, shopping, dining, and entertainment options, as well as its closeness to major employment centers. This prime location not only enhances the living experience for tenants but also contributes to the property's overall attractiveness as an investment, by supporting sustained demand and the potential for rental growth. The blend of a well-maintained property, a diverse unit mix, and a prime location makes this asset a compelling opportunity for investors looking to capitalize on the Valley Village rental market.
24-384619
MLSⓇ ID
April 25, 2024
Listed
May 9, 2024
Updated
Map
5222 Hermitage Ave
Valley Village CA, 91607
Interior Features
Total Stories
2
Bedrooms
34
Total Bathrooms
32
Appliances
Other
Laundry Description
Community, Laundry Area
Fireplace
No
Cooling
Yes
Cooling Description
Other
Heating
Yes
Heating Description
Other
Exterior/Building Features
Lot Size
0.52 Acres
Other Property Details
Area Name
Valley Village
Days on Market
8
Garage
No
Parking
Other
Parking Total
0
View
No
County
Los Angeles
Pool
No
Pool Features
Other
Zoning
LAR3
Listed by Filip Niculete with Marcus & Millichap
Listing Contact: 818-212-2817
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Ken Sisson shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 5/9/2024