14556 Magnolia Boulevard, Sherman Oaks, CA 91403
-
Listed Price :
$10,450,000
-
Beds :
35
-
Baths :
50
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Property Size :
39,198 sqft
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Year Built :
1961
Property Description
***PRICE REDUCED ADDITIONAL $500,000*** We are pleased to present the Terraces at the Summit, a 50-unit value add apartment building located at 14556 Magnolia Boulevard in Sherman Oaks, California. Current rents are approximately 22% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. Built in 1961, the property features a favorable unit mix consisting of (17) studio/one-bathroom units and (33) one-bedroom/one-bathroom units. Units feature wood flooring, granite countertops, dishwasher, microwave and floor to ceiling living room windows (select units). Property amenities include secured access, pool, grill/picnic area, lounge, fitness center, laundry facility, elevator and gated subterranean parking. The 39,198 square foot building sits on a large 0.57 acre lot that is LAR3 zoned. The Terraces at the Summit is located in Sherman Oaks, one of the best rental submarkets in Los Angeles County with historically low vacancy rates. The property is in close proximity to grocery stores, restaurants and retail on Van Nuys Boulevard as well as vibrant cafes, fine dining, high-end chic retail and nightlife on nearby Ventura Boulevard. The property is conveniently located near the 405 and 101 freeways and just a short drive to major job centers such as Woodland Hills, Encino, North Hollywood, Burbank and Glendale.
Interior Features
| Bedroom Information |
| Bedrooms |
35 |
| Bathroom Information |
| Bathrooms |
50 |
| Interior Information |
| Cooling Type |
Wall/Window Unit(s) |
Listing Information
| Address |
14556 Magnolia Boulevard |
| City |
Sherman Oaks |
| State |
CA |
| Zip |
91403 |
| County |
Los Angeles |
| Listing Agent |
Matthew Ziegler DRE #01280909 |
| Co-Listing Agent |
Jeffrey Louks DRE #00908473 |
| Courtesy Of |
Marcus & Millichap |
| List Price |
$10,450,000 |
| Status |
Active |
| Type |
Residential Income |
| Structure Size |
39,198 |
| Lot Size |
24,996 |
| Year Built |
1961 |
Listing information courtesy of: Matthew Ziegler, Jeffrey Louks, Marcus & Millichap. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 29th, 2024 at 10:11 PM 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.
