CA > Sherman Oaks
Sherman Oaks, CA 91403,14556 Magnolia Blvd
Sherman Oaks, CA 91403,14556 Magnolia Blvd
Sherman Oaks, CA 91403,14556 Magnolia Blvd
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Terrance Scotton, Broker Associate

Terrance Scotton, Broker Associate

eXp Realty

+1(626) 788-9299
$10,450,000
Est. payment /mo
35 Beds
50 Baths
39,198 SqFt
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UPDATED:

10/29/2024 10:03 PM

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 39,198 sqft

Price per Sqft $266

MLS Listing ID 24-427717

Bedrooms 35

Year Built 1961

Lot Size 0.574 Acres

Acres 0.5738

Property Description

***PRICE REDUCED ADDITIONAL $500,000*** We are pleased to present the Terraces at the Summit, a 50-unit value add apartment building located at 14556 Magnolia Boulevard in Sherman Oaks, California. Current rents are approximately 22% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. Built in 1961, the property features a favorable unit mix consisting of (17) studio/one-bathroom units and (33) one-bedroom/one-bathroom units. Units feature wood flooring, granite countertops, dishwasher, microwave and floor to ceiling living room windows (select units). Property amenities include secured access, pool, grill/picnic area, lounge, fitness center, laundry facility, elevator and gated subterranean parking. The 39,198 square foot building sits on a large 0.57 acre lot that is LAR3 zoned. The Terraces at the Summit is located in Sherman Oaks, one of the best rental submarkets in Los Angeles County with historically low vacancy rates. The property is in close proximity to grocery stores, restaurants and retail on Van Nuys Boulevard as well as vibrant cafes, fine dining, high-end chic retail and nightlife on nearby Ventura Boulevard. The property is conveniently located near the 405 and 101 freeways and just a short drive to major job centers such as Woodland Hills, Encino, North Hollywood, Burbank and Glendale.

Location

State CA

County Los Angeles

Area Sherman Oaks

Zoning LAR3

Rooms

Other Rooms None

Interior

Heating Wall

Cooling Wall/Window

Equipment None

Exterior

Parking Features Covered Parking

Building

Story 3

Level or Stories Three Or More

Others

Special Listing Condition Standard

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Listed by Marcus & Millichap

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Terrance Scotton, Broker Associate

+1(626) 788-9299

Broker Associate | License ID: 01707848 NMLS: 908256

Broker Associate License ID: 01707848 NMLS: 908256

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