Active

5228 Hermitage Avenue

Valley Village CA, 91607

$4,320,000


$327.10 per sqft

Active

26 Beds

25 Baths

13,207 sqft

Residential

Built in 1970

We are pleased to present Hermitage Court, a 15-unit apartment community in Valley Village, CA. Built in 1970, this property is subject to LA Rent Control (RSO), but it is not required to have an onsite manager, saving the landlord a signicant expense.Priced at $4,320,000, Hermitage Court is offered well below ULA Mansion Tax's threshold of $5,150,000, allowing the buyer to increase the property's value without having to worry about paying for ULA taxes on a future sale.This 13,207 square foot building sits on a large 0.35 acre lot, and it boasts an excellent unit mix of twelve 2-bedroom units (80% 2-bed units), two 1-bedroom units, and one studio. The property wraps around a beautiful courtyard with well manicured landscaping, and it is fully secured with all entrances closed off from the public. There's plenty of parking for the tenants with some private garages in the front and additional parking in the back. Also, the property offers its tenants a pool and BBQ area to enjoy.The seller has renovated 8 of the 15 units in recent years, leaving the buyer ample opportunity to capitalize on approximately 33% upside in rents through unit turns. Also, the buyer could consider converting the garages into ADUs, adding to the total unit count and significantly increasing the property's value. Hermitage Court is located in a great pocket of Valley Village, a desirable community within the San Fernando Valley, known for its residential charm, accessibility, and convenience. The property benets 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.

24431091

MLS ID

August 22, 2024

Listed

November 22, 2024

Updated

Map

5228 Hermitage Avenue
Valley Village CA, 91607

Interior Features

Total Stories

2


Bedrooms

26


Total Bathrooms

25


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.35 Acres

Other Property Details

Area Name

VVL - Valley Village


Days on Market

8


Garage

No


Parking Total

15


View

No


County

Los Angeles


Pool

No


Zoning

LAR3

Listed by Filip Niculete, Marcus & Millichap, CA DRE 01905352

Listing Contact: 818-212-2817 

Based on information from the CRISNet MLS as of 11/22/2024, 5:33 PM UTC. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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