4215 Vineland Ave, Studio City, CA 91602

Property Description

4215 Vineland Ave is a 32-unit value add multifamily opportunity on a huge lot in the heart of Studio City, offered at $7,975,000 by a motivated Seller. The property features 20 vacant units ready for immediate renovation that would achieve a 6.5% plus cap rate after estimated interior and exterior renovation costs. The remaining 12 occupied units have over 75% rental upside that could be unlocked over time as additional tenants relocate.The property also presents a compelling development angle: our architect designer has developed a site plan for adding 12 additional units that include 4 attached ADUs and 8 detached ADUs. The plan was developed with an emphasis on keep building costs low and retaining at least 33 parking spaces. The 8 detached ADUs would be exempt from city and state rent control for 15 years. A preliminary bid from a licensed general contractor prices the construction of the 12 ADUs at $1,350,000, bringing the total unit count to 44 and the cap rate to an estimated 8.28%.This asset is in an excellent location. Only a 10-minute walk to Ventura Blvd and short distance to major studios such as Universal, Warner Brothers and NBC, tenants can enjoy a walking lifestyle with easy access to jobs, shops and restaurants. This is a rare opportunity to own a 32 or 44 unit that is almost completely upgraded in the heart of Studio City.