14556 West Magnolia Boulevard
$10,450,000
35
50
39,198
39,198
$267
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.
- Listed by Matthew Ziegler • DRE #01280909 • Brokerage DRE #01238010 • Marcus & Millichap
- Listed by Jeffrey Louks • DRE #00908473 • Brokerage DRE #01238010 • Marcus & Millichap
Property Details for 14556 West Magnolia Boulevard
Zoning
LAR3
Parcel Number2263035023
Total Units50.0
Living Area39198
Source Living AreaVendor Enhanced
AreaSherman Oaks (SO)
Vacancy Rate3%
Lot Size Area24996
LISTING UPDATED: 10/29/2024 03:03 PM
Property Details for 14556 West Magnolia Boulevard
Status | Active |
---|---|
MLS # | 24-427717 |
Days on Market | 101 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1961 |
Lot Size | 0.57 AC / 24,996 SF |
County | Los 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
Property History for 14556 West Magnolia Boulevard
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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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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