INVESTMENT HIGHLIGHTS:
- Rare opportunity to acquire a very well-located apartment building in Sherman Oaks, South of Ventura Blvd, Studio City adjacent. Value-add investment opportunity with a rental upside of +/- 30%
- Assumable loan at 3.25% with over 50% LTV (see OM for detail)
- SUPERB demographics of ±$171,000 average household income within a mile radius
- One of the lowest price per unit for value-add apartment located in South of Ventura Blvd and Studio City adjacent
- Walking distance to shops, dining, and eateries such as Petit Trois, Carnival, Mistral, next to a popular HomeState restaurant, and other popular amenities in San Fernando Valley; providing unparalleled access and convenience to tenants
- Minutes to Warner Center Woodland Hills, Franklin Canyon Park, Los Angeles Valley College, and quick access to FWY 101.
- Easy access to the Hollywood-Burbank Airport
PROPERTY HIGHLIGHTS:
- Very well-maintained property with excellent curb appeal
- Great unit mix comprised of (4) 1Bed/1.5Bath loft style, (4) 1Bed/1Bath, and (2) Studios
- Soft story parking retrofit completed, new gate for parking area recently installed
- Secured entry to main lobby, mailboxes, and hallways to units
- Security cameras installed throughout the property
- Large and bright units
- Four units have been updated in 2022 with new contemporary kitchens, bathroom fixtures, and new flooring (buyer to verify)
- Several units include upgrades such as dishwashers and dual pane windows
- 10 parking spaces total with possibility to add 4 spaces with tandem parking
- Tenant access to personal storage cabinets in secured tuck-under parking
- Separately metered for electricity and gas, shared laundry room
EXECUTIVE SUMMARY
The Growth Investment Group proudly presents The Regency at 4188 Greenbush Ave. This 10-unit, prime value-add property is located South of Ventura Blvd in the highly desirable Sherman Oaks neighborhood, adjacent to Studio City. This offering presents a rare opportunity for investors to acquire an excellently located, well-maintained, and easy-to-manage apartment building. Built in 1964, the Regency apartments are three stories with a total living area of ±8,675sf on an RD1.5 zoned ±7,640sf lot (buyer to verify). The property has new security cameras installed throughout the common area. It also features secured entries to common areas and gated parking on the property's north side – providing security for several parking spaces and building entrances. Current loan is assumable at a very attractive terms and rate.
The property had recent capital improvements, including the completion of a soft-story parking retrofit, and a new parking gate installed on the north side of the property. It has an excellent and efficient unit mix for such a desirable location in Sherman Oaks; the unit mix consists of (4) One Bed/One and a half bath loft style, (4) One Bed/One Bath, and (2) Studios. Each unit is spacious and bright, with a secured hall entry. In addition, three units consist of two stories with sliding doors connected to the communal hall/patio on the third level (buyer to verify). Four of the units have been recently renovated with new flooring, new contemporary kitchen (quartz countertop, new shaker style cabinets), and updated bathrooms (new bathtub, tiled bathroom, new bathroom vanity cabinets). All units have wall heaters and A/C units. Parking is provided by 10 off-street parking spaces, of which 8 are tuck-under parking (the city-required soft story retrofit has been completed) and 2 gated uncovered spaces. Additional parking spaces can be added by creating tandem parking on the west side of the property. Tenants have access to their own individual self-storage spaces located in the secured tuck-under parking area.
The units are all separately metered for electricity and gas, and the property has a shared laundry room (leased machines). Along Greenbush Ave, you can find charming homes, large mature trees growing along the parkways, and ample city-permitted parking for residents of the area. On Ventura Blvd, the property offers exceptional local amenities to tenants (dining, shopping, cafes, groceries, and public transportation), which made this property very easy to rent and manage. It is local to many upscale restaurants within walking distance. Also nearby is The Warner Center, Franklin Canyon Park, Los Angeles Valley College, and easy access to FWY 101.