4710 Colfax Avenue

North Hollywood, CA 91602

$2,200,000
Price
16
Beds
15
Baths
7,532 Sq. Ft.
$292 / Sq. Ft.
7,532
Sq. Ft.
$292
per Sq. Ft.

Description

Marcus and Millichap is proud to present the opportunity to acquire 4710 Colfax Avenue, a timeless 8-unit apartment community set in a highly accessible pocket of North Hollywood. Located amongst a diverse set of single family homes, high-end condominiums, and low-density multifamily buildings, the property offers renters a special mix of a suburban and urban landscape. The property lies less than a ten-minute drive to Toluca Lake, Sherman Oaks, Valley Village, and Studio City. The property sits...Marcus and Millichap is proud to present the opportunity to acquire 4710 Colfax Avenue, a timeless 8-unit apartment community set in a highly accessible pocket of North Hollywood. Located amongst a diverse set of single family homes, high-end condominiums, and low-density multifamily buildings, the property offers renters a special mix of a suburban and urban landscape. The property lies less than a ten-minute drive to Toluca Lake, Sherman Oaks, Valley Village, and Studio City. The property sits just minutes from the 101 and 170 intersection providing renters with swift access to Downtown Los Angels, Hollywood, Burbank, and other major employment hubs of L. A. County. Renters enjoy the close proximity to the world class amenities of the North Hollywood Arts District, Studio City's Silver Triangle and the endless array of shops and restaurants along Ventura Blvd in Sherman Oaks just a few miles away. The property boasts a great walk score of 78 allowing most errands to be accomplished without the need for a car. The property improvements are comprised of an approximately 7,532 +/- square foot wood frame and stucco structure on a roughly 9,800 square foot lot. The property features an outstanding unit mix of one (1 bed +1 bath ), six (2 bed +1.5 bath ), and one (3 bed + 2 bath) units. The current ownership has taken pride in the property's upkeep and made significant upgrades to select units including recessed lighting, updated flooring, A/C wall units, fans, bathroom and kitchen tiles. The property features one parking spot per unit. The soft story retrofitting work has been completed (Buyer to verify). The demographics of the surrounding area are highly compelling with a population over 36,000 and an average household income over $120,000. A new Buyer has the opportunity to achieve massive rental upside as market rate rents are achieved through unit turn over and rental increases. North Hollywood continues to see massive levels of investment including the planned District NoHo project which is expected to include 1,500 new apartments, office, and retail. Unit #7 is currently occupied and rented at $1,634 and the Seller is pursuing an eviction and the unit may be coming vacant. Estimated rental rate for unit #7 is $2,400. Buyer to investigate and verify all claims including vacancy and rent projections.

Property Details for 4710 Colfax Avenue

Zoning
LARD1.5
Parcel Number
2354017003
Total Units
8.0
Living Area
7532
Source Living Area
Vendor Enhanced
Area
North Hollywood (NHO)
Vacancy Rate
5626
Lot Size Area
9803

Location

Listing Courtesy of Marcus & Millichap, Zachary Rosen, DRE #01904419
Add your commute
LISTING UPDATED: 05/14/2024 02:04 PM

Property Details for 4710 Colfax Avenue

StatusActive Under Contract
MLS #24-386419
Days on Market23
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1963
Lot Size0.23 AC / 9,803 SF
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Zachary Rosen, DRE #01904419
Add your commute

Building Information for 4710 Colfax Avenue

Stories2Residences-Year Built1963Building Size-Lot Size0.23 AC / 9,803 SF

Payment Calculator

$12,936 per month

30 year fixed, 7.25% Interest

Principal and Interest

$12,006

Property Taxes

$930

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 4710 Colfax Avenue

Community / Development
Community / Development
  • Number Of Units: 8
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: 8
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $181,898
  • Net Operating Income: $112,748.00
  • Gross Income: $188,702
  • Cap Rate: 5.12%
  • Gross Rent Multiplier: $11.73
  • Other Income1: $187,524.00
  • Laundry Income: $1,178
  • Financial Info as Of: 04/30/2024
  • Vacancy Allow Dollar: $5,626.00
  • Vacancy Allow Percent: 3.00%
  • Total Annual Expense: 70328
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.225
  • Lot Size Square Feet: 9803
Parking Details
Parking Details
  • Parking Garage: Covered Parking
  • Total Parking: 8
  • Parking Features: Covered
Interior Features
Interior Features
  • Levels: One
  • Cooling Type: Wall Unit(s)
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Washer, Dryer, Ceiling Fan
  • Interior Features: Ceiling Fan(s)
  • Laundry: Laundry Area
  • Laundry Equipment: Own
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 05-01-2024
Unit Details
Unit 1 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,548.00
  • Unit Actual Rent: $2,548.00
  • Unit Projected Rent: $2,900.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $1,924.80
  • Unit Actual Rent: $11,549.00
  • Unit Projected Rent: $2,400.00
  • Like Units: 6
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,530.00
  • Unit Actual Rent: $1,530.00
  • Unit Projected Rent: $2,000.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $491,932.00
  • Assessed Improvement Percent: 60.0
  • Assessed Land Value: $327,950.00
  • Assessed Land Percent: 40
  • Assessed Total Value: $819,882.00

Property History for 4710 Colfax Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 4710 Colfax Avenue

Taxable ValueLand$327,950Additions$491,932Total$819,882
Tax Record2023$11,158 ($930 / month)
Home Facts
Total Finished SqFt7,532 SqFtAbove Grade Finished SqFt7,532 SqFtLot Size9,800 SqFtStyleMulti-Family Res (5+ Units)ZoningLARD1.5CountyLOS ANGELESAPN2354-017-003

Schools near 4710 Colfax Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Charter - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Colfax Charter Elementary School
CharterK to 5

Walter Reed Middle School
Public6 to 8

North Hollywood Senior High School
Public9 to 12

Amelia Earhart Continuation School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Zachary Rosen, DRE #01904419

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.