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11744 Runnymede Street

North Hollywood, CA 91065

$8,750,000

Listed Price
N/A

bed Beds

shower Baths

N/A sqft

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1970

calendar_month Built

Property Description

Runnymede Holiday Apartments presents opportunity to acquire a desirable garden style 40-unit complex consisting of open, low-density grounds and attractive low-maintenance construction consisting of an ideal (12) 1 bedroom / 1 bath units at 650 sqft, (20) 2 Bedroom / 1 bath units at 950 sqft, and (8) 3 bedroom / 2 bath units at 1200 sqft. The property does not possess any decks, tuck-under parking, or exterior catwalks, thereby removing large capital expenditure items for long-term operations. Current GSI: $791,876 Full Market GSI: $1,257,990 In-place NOI: $482,331 Proforma NOI: $870,257 The grounds consist of mature vegetation, open walkways, a picnic and playground area, a large onsite laundry facility, and fully gated grounds and parking. Vegetation within the complex consists of mature roses, eucalyptus trees, succulents, and Hibiscus trees, providing a pleasant atmosphere for tenants to help boost the ultimate rent potential and reduce turnover. Renovations: Roughly 18-20 units are partially renovated including: new flooring, refinished cabinets & hardware, new countertops, new appliances, new bathroom shower tub enclosures and paint throughout. 3-4 units at the property are fully renovated, which includes all items of the partially renovated units plus new shaker cabinets and new bathroom vanity(s). Ownership has been able to achieve rents north of $2,000 for the 1 bedrooms and north of $2570+ for the 2 bedrooms. On a granular location basis, the asset parcel is well located between a beautiful nursery and low-density multifamily complex within 0.1 Miles of two new construction institutional grade Multifamily complexes showcasing a bullish microeconomic drive in the immediate pocket

Interior Features

Laundry Information
Location(s) Common Area
Bedroom Information
Bedrooms N/A

Listing Information

Address 11744 Runnymede Street
City North Hollywood
State CA
Zip 91065
County Los Angeles
Listing Agent Maxwell Brown DRE#02127395
Courtesy Of Commercial Asset Advisors
MLS PTP2405347
List Price $8,750,000
HOA $0
Status Active
Type Residential Income
Structure Size N/A
Lot Size 59,677
Year Built 1970
DOM 1

Exterior Information

Maps

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Listing information courtesy of: Maxwell Brown, Commercial Asset Advisors . *Based on information from the Association of REALTORS/Multiple Listing as of Sep 5th, 2024 at 1:36 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.