Active

5222 Hermitage Ave

Valley Village CA, 91607

$5,900,000


$327.61 per sqft

Active

34 Beds

32 Baths

18,009 sqft

Multi-family

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

July 18, 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

83


Garage

No


Parking

Other


Parking Total

0


View

No


County

Los Angeles


Pool

No


Pool Features

Other


Zoning

LAR3

Listing History

Date

Event

Price

7/17/2024

Price Change

$5,900,000

-4%

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 7/18/2024

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