5008 Hazeltine Ave, Sherman Oaks, CA 91423

Property Description

We are proud to present this 18-unit apartment building in a great Sherman Oaks location. The property was built in 1957 but is not subject to the LA City Rent Control (still subject to State Rent Control). There is an excellent unit mix that includes One One-Bedroom/One-Bath Unit, and Seventeen Two-Bedroom/Two-Bath Units. Thirteen of the units have been completely renovated including in-unit washer/dryers. The building system infrastructure has been upgraded to accommodate the remaining 5 units that do not have washer/dryers. Some of the renovations include calcutta quartz countertops, shaker cabinetry, vinyl plank flooring, upgraded windows and stainless-steel appliances. The units are built around a central courtyard that features a pool. The building has upgraded windows, upgraded roof, tiled entryway, beautiful landscaping and more. The residence is secured with gated access from the front and gated parking in the back (18 spaces). Ample street parking is also available. The property is just a quick drive away from plenty of dining, shopping and entertainment options on Ventura Blvd. A few blocks to the south is the 101 Freeway which provides easy access to the surrounding area and job opportunities. And for recreation, Sherman Oaks Park is just across the street from the property. This opportunity is perfect for an investor looking for a well-located, turn-key asset with accessible upside via a proven renovation program. Although built prior to 1978, 5008 Hazeltine is exempt from the City of Los Angeles' Rent Stabilization Ordinance ("RSO"). The City of Los Angeles had a program that allowed a landlord to file for a rent stabilization exemption on individual units upon significant capital expenditures. Previous ownership applied for an exemption on all 18 units and received approval from the City of Los Angeles deeming all 18 units RSO "exempt" on May 17th, 1983.