INVESTMENT HIGHLIGHTS:
- Prime location in Tarzana within walking distance to Ventura Boulevard, a busy commercial boulevard where shopping and dining services are concentrated along
- Value-add investment opportunity with significant upside potential
- Bordered by Sherman Oaks and Woodland Hills
- Strong demographics of ±$111,295 AHH income within a 1-mile radius
- 10-minute walking distance from Metro Orange Line Station (Reseda Station)
- High walk score of 77; One block north of the 101 Freeway
- Long-time owner since 2006
- All tenants are on month-to-month agreement
- Structurally retrofitted after the Northridge Earthquake (buyer to verify)
PROPERTY HIGHLIGHTS:
- Excellent unit mix with 85% are large 2-bedroom units, and one “owner’s unit” (4bedroom)
- The front unit is a large townhouse style 4-bedrooms and 2-bathrooms unit
- Most units have a private patio/balcony, 1 unit can be delivered vacant
- Each unit has central A/C and heating and separately metered for electricity and gas
- Secured entrance with 15 parking spaces
- Most units (±10 units) have been partially upgraded with granite/quartz countertops, white kitchen cabinetry, tiled bathroom and wood flooring.
- Seller owned laundry machines (new washing machine); recently replaced 100 gallons commercial water heater
- Possibility to add ADU units in the carport area
EXECUTIVE SUMMARY
Growth Investment Group is proud to present 18606 Collins St, a 13-unit multifamily property located in the desirable city of Tarzana, California. This offering presents a great opportunity for investors to acquire a well-located value-add apartment community with excellent layout, great unit mix and good unit amenities. The property is within walking distance from well-known Ventura Boulevard, where tenants can enjoy the luxuries of the surrounding restaurants and shops. The property has a high walk score of 77 and enjoys superb access to FWY 101. It offers excellent demographics of ±$111,295 average household income within a 1-mile radius.
The property is a ±12,221 sqft two-story apartment that was built in 1965 and situated on a ±15,439 sqft lot. It offers an excellent unit mix of one (1) x 4-bedroom+2-bathroom townhouse style, eight (8) x 2-bedroom+1.5-bathroom units, one (1) x 2-bedroom+1-bathroom unit, and one (1) x 1-bedroom unit. The front unit is a large townhome-style unit that consists of 4 bedrooms and 2 bathrooms. Each unit is large with good layout and separately metered for electricity and gas. Each unit has central A/C and heating unit. Most of the units have private patio/balcony and each unit has at least 1 assigned parking space. Approximately 10 units have undergone partial upgrades such as granite/quartz kitchen countertops complete with new kitchen cabinetry and tiled backsplash, and tiled bathroom; 3 units have wood (vinyl or laminate) flooring. One unit has a laundry hookup.
Laundry is provided via a shared laundry room (seller’s machines – new laundry machine recently installed). It has new 100 gallons commercial water heater. Parking is provided by 15 spaces with 6 carports, 4 tuck-under, and 5 open spaces. The property was structurally retrofitted in 1995 due to Northridge Earthquake (buyer to verify this with qualified tradesman). The property is within rent stabilization ordinance (rent-control). The parking soft-story retrofit that needs to be completed will be credited to buyer during escrow.
LOCATION, ACCESS AND AMENTITIES
The location of the property, Tarzana, has a total of approximately 6,700 apartment units, which accounts for about 1% of apartment inventory in Los Angeles County. Tenants can enjoy the beautiful views of the Santa Monica Mountains. The neighborhood has a high walk store of 71 out of 100. Tenants can get easy access to grocery shopping, dining, and public transportation. It is also very convenient for them to get access to other facilities in the area such as banks and postal office. Whole Foods Market and Gelson’s Market are the nearest grocery stores from the property. There is a variety of restaurants along Ventura Boulevard for tenants to enjoy their dining experience. Some of the popular American restaurants include California Pizza Kitchen and IHOP. There are also ethnic food services along the boulevard such as Kushiyu, a Japanese sushi restaurant, and Kravings, a Brazilian bar, for tenants to explore food from different cultures.