Active

5020 Tujunga Avenue

North Hollywood CA, 91601

$8,250,000


$466.37 per sqft

Active

1 Bed

40 Baths

17,690 sqft

Residential

Built in 1965

Listed by Filip Niculete with Marcus & Millichap 818-212-2700

We are proud to present 5020 Tujunga Avenue - a value add real estate opportunity located in North Hollywood, CA. The 40 unit building is comprised of 15- Bachelors 24- Studios complimented by 1- 1 bedroom unit. Constructed in 1965, the property spans 17,690 gross square feet, and is set on a 0.51-acre lot. The property has ample parking spots for tenants with easy access through an alley that leads behind the property. To enhance the quality of living for residents, the property features a smoke-free environment, security systems, intercom, storage spaces, laundry facilities, pool, maintenance & manager on-site, walk-in closets and balconies.One of this property's significant attractions is the great value-add potential. Current rents at the property are approximately 35% 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 $77,000 in gross rental income each month, or about $927,000 per year, increasing the buyer's CAP rate to 8.05%!The location of 5020 Tujunga Ave in North Hollywood is particularly noteworthy. Nestled in a vibrant and evolving area, this property benefits from its proximity to key commercial and entertainment hubs, including the NoHo Arts District, renowned for its lively arts scene, theaters, cafes, and eclectic dining options. Tenants have ease of access to North Hollywood & Valley Village Park as well as the North Hollywood Recreation Center directly across the street. Additionally, the property is well connected through public transportation networks and major roadways, enhancing accessibility and convenience for residents. The proximity to various film studios and creative industries in North Hollywood also makes this location desirable for professionals working within these sectors, potentially increasing demand for rental units.

24383033

MLS ID

April 22, 2024

Listed

May 25, 2024

Updated

Map

5020 Tujunga Avenue
North Hollywood CA, 91601

Interior Features

Total Stories

2


Bedrooms

1


Total Bathrooms

40


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.51 Acres

Other Property Details

Area Name

NHO - North Hollywood


Days on Market

8


Garage

No


Parking

Covered


Parking Total

0


View

No


County

Los Angeles


Pool

No


Zoning

LAR4


Buyer Agency Compensation

1%

Listing Contact: 818-212-2700 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 5/25/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 5/25/2024 at 2:31 AM UTC

 

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