Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.5 million sale of Vanowen Collection, an 18-unit apartment property located at 12715 to 12719 Vanowen Street in North Hollywood.
Mark Ventre and Darin Beebower of Stepp Commercial represented the seller, a Los Angeles-based family trust, as well as the buyer, a Los Angeles-based private investor. The asset sold for a per-unit price of just over $194,000 and a cap rate of 4.2 percent.
The property consists of three, two-story buildings each with six units. Two of the buildings were built in 1955 and one was built in 1985. Situated on a large, one-half acre lot, the property features 14 one-bedroom units and four two-bedroom units. It also includes 25 parking spaces.
“This property is located in a Qualified Opportunity Zone and one-third of the units are not subject to Los Angeles Rent Stabilization. It also offers the new ownership a 35 percent upside potential in rents as well as the immediate opportunity to renovate the two vacant units,” said Ventre. “We sourced an ideal buyer who paid all-cash, and closed escrow in just 17 days.”
Vanowen Collection is an eight-minute drive to the NoHo Arts District and is near Studio City, Burbank, Valley Village and Toluca Lake. It also provides easy access to the 170 Freeway and the Burbank Airport.