14556 West Magnolia Boulevard

Sherman Oaks, CA 91403

$10,450,000
Price
35
Beds
50
Baths
39,198 Sq. Ft.
$267 / Sq. Ft.
39,198
Sq. Ft.
$267
per Sq. Ft.

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...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.
  1. Listed by Matthew Ziegler • DRE #01280909 • Brokerage DRE #01238010 • Marcus & Millichap
  2. Listed by Jeffrey Louks • DRE #00908473 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 14556 West Magnolia Boulevard

Zoning
LAR3
Parcel Number
2263035023
Total Units
50.0
Living Area
39198
Source Living Area
Vendor Enhanced
Area
Sherman Oaks (SO)
Vacancy Rate
3%
Lot Size Area
24996
LISTING UPDATED: 10/29/2024 03:03 PM

Property Details for 14556 West Magnolia Boulevard

StatusActive
MLS #24-427717
Days on Market101
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1961
Lot Size0.57 AC / 24,996 SF
CountyLos Angeles County

Building Information for 14556 West Magnolia Boulevard

Stories3Residences-Year Built1961Building Size-Lot Size0.57 AC / 24,996 SF

Property Information for 14556 West Magnolia Boulevard

Community / Development
Community / Development
  • Number Of Units: 50
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 3
  • Number Of Buildings: 1
  • Type Of Units: Apartments
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $957,122
  • Net Operating Income: $597,759.00
  • Gross Income: $986,724
  • Cap Rate: 5.72%
  • Gross Rent Multiplier: $10.50
  • Other Income1: $3,360.00
  • Laundry Income: $4,818
  • Total Annual Expense: 367541
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.5738
  • Lot Size Square Feet: 24996
Parking Details
Parking Details
  • Parking Garage: Covered Parking
  • Total Parking: 0
  • Parking Features: Covered
Interior Features
Interior Features
  • Levels: Three Or More
  • Cooling: Wall/Window Unit(s)
  • Cooling Type: Wall/Window
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: None
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 08-14-2024
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,506.00
  • Unit Actual Rent: $25,598.00
  • Unit Projected Rent: $30,515.00
  • Like Units: 17
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,716.00
  • Unit Actual Rent: $56,629.00
  • Unit Projected Rent: $69,135.00
  • Like Units: 33
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $6,487,685.00
  • Assessed Improvement Percent: 63.14
  • Assessed Land Value: $3,787,540.00
  • Assessed Land Percent: 36.86
  • Assessed Total Value: $10,275,225.00

Property History for 14556 West Magnolia Boulevard

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 14556 West Magnolia Boulevard

Taxable ValueLand$3,863,290Additions$6,699,363Total$10,562,653
Tax Record2024$131,936 ($10,995 / month)
Home Facts
Total Finished SqFt39,198 SqFtAbove Grade Finished SqFt39,198 SqFtLot Size24,949 SqFtStyleMulti-Family Res (5+ Units)Year Built1961ZoningLAR3CountyLOS ANGELESAPN2263-035-023

Schools near 14556 West Magnolia Boulevard

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

Van Nuys Middle School
Public6 to 8

Van Nuys Senior High 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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14556 West Magnolia Boulevard is a multi-family home for sale in Sherman Oaks, CA 91403. This property was listed for sale on August 14, 2024 by Marcus & Millichap, it's currently listed at $10,450,000. It has been on the market for a total of 101 days and was last sold on September 14, 2007. This listing's school district is Los Angeles Unified School District. Nearby schools include Kester Avenue Elementary School, Van Nuys Middle School and Van Nuys Senior High School. 14556 West Magnolia Boulevard is a 35-bed, 50-bath, 39,198 sqft multi-family home built in 1961.

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. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Matthew Ziegler, DRE #01280909; Marcus & Millichap, Jeffrey Louks, DRE #00908473

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.