The Caribe Cruz is a very well-maintained multifamily asset that has been held by the same families for the last 50 years. Originally purchased from the developer shortly after completion, the property consists of spacious one- and two-bedroom units. There is currently no debt on the property and the owners have consistently put money back into the building.There is a tremendous opportunity for a new investor to implement a business plan for the asset that will enhance the curb appeal and upgrade the unit interiors to capture the over 15% of rental upside that exists today. The property benefits from a highly visible location in a desirable rental neighborhood that boasts historically high occupancy rates and is 100% occupied as of July 2013.As the NOHO area expands north and with its proximity to the city of Burbank, this area will continue to improve and command higher rents. With hands-on management and a value-add approach, the next owner will greatly increase cash flow.