5020 Tujunga Avenue

North Hollywood, CA 91601

$7,840,000
Price
1
Beds
40
Baths
17,690 Sq. Ft.
$443 / Sq. Ft.
17,690
Sq. Ft.
$443
per Sq. Ft.

Description

We are proud to present 5020 Tujunga Avenue - a value add real estate opportunity located in North Hollywood, CA. The 40 unit building is comprised of 15- Bachelors 24- Studios complimented by 1- 1 bedroom unit. Constructed in 1965, the property spans 17,690 gross square feet, and is set on a 0.51-acre lot. The property has ample parking spots for tenants with easy access through an alley that leads behind the property. To enhance the quality of living for residents, the property features a smoke-free...We are proud to present 5020 Tujunga Avenue - a value add real estate opportunity located in North Hollywood, CA. The 40 unit building is comprised of 15- Bachelors 24- Studios complimented by 1- 1 bedroom unit. Constructed in 1965, the property spans 17,690 gross square feet, and is set on a 0.51-acre lot. The property has ample parking spots for tenants with easy access through an alley that leads behind the property. To enhance the quality of living for residents, the property features a smoke-free environment, security systems, intercom, storage spaces, laundry facilities, pool, maintenance & manager on-site, walk-in closets and balconies. One of this property's significant attractions is the great value-add potential. Current rents at the property are approximately 33% below the market rate, presenting a significant opportunity for the buyer. Assuming the buyer can turn over all units and achieve market rents throughout, we estimate that the units could bring in about $77,000 in gross rental income each month, or about $929,000 per year, increasing the buyer's CAP rate to 8.57%! With all rents being below 80% of AMI (Area Median Income), this property qualifies for lower than market-rate financing from Freddie Mac due to this affordability aspect. Additionally, a new owner can convert the project into affordable housing which could significantly lower property taxes and add a lot to the property's net income and value. Please reach out to learn more. The location of 5020 Tujunga Ave in North Hollywood is particularly noteworthy. Nestled in a vibrant and evolving area, this property benefits from its proximity to key commercial and entertainment hubs, including the NoHo Arts District, renowned for its lively arts scene, theaters, cafes, and eclectic dining options. Tenants have ease of access to North Hollywood & Valley Village Park as well as the North Hollywood Recreation Center directly across the street. Additionally, the property is well connected through public transportation networks and major roadways, enhancing accessibility and convenience for residents. The proximity to various film studios and creative industries in North Hollywood also makes this location desirable for professionals working within these sectors, potentially increasing demand for rental units.
  1. Listed by Filip Niculete • DRE #01905352 • Brokerage DRE #01240999 • Marcus & Millichap
  2. Listed by Glen Scher • DRE #01962976 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 5020 Tujunga Avenue

Zoning
LAR4
Parcel Number
2353014036
Total Units
40.0
Living Area
17690
Source Living Area
Vendor Enhanced
Area
North Hollywood (NHO)
Vacancy Rate
3%
Lot Size Area
22236
LISTING UPDATED: 08/23/2024 03:26 PM

Property Details for 5020 Tujunga Avenue

StatusActive
MLS #24-383033
Days on Market214
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1965
Lot Size0.51 AC / 22,236 SF
CountyLos Angeles County

Building Information for 5020 Tujunga Avenue

Stories2Residences-Year Built1965Building Size-Lot Size0.51 AC / 22,236 SF

Property Information for 5020 Tujunga Avenue

Community / Development
Community / Development
  • Number Of Units: 40
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Vendor Enhanced
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Market
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $679,171
  • Net Operating Income: $458,991.00
  • Gross Income: $700,176
  • Cap Rate: 5.85%
  • Gross Rent Multiplier: $10.84
  • Total Annual Expense: 243457
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.5105
  • Lot Size Square Feet: 22236
  • Lot Size Dimensions: 111x120
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Covered Parking
  • Total Parking: 0
  • Parking Features: Covered
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 04-22-2024
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,458.00
  • Unit Actual Rent: $21,870.00
  • Unit Projected Rent: $27,000.00
  • Like Units: 15
Unit 2 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,437.00
  • Unit Actual Rent: $34,488.00
  • Unit Projected Rent: $47,880.00
  • Like Units: 24
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,999.00
  • Unit Actual Rent: $1,950.00
  • Unit Projected Rent: $2,400.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,589,612.00
  • Assessed Improvement Percent: 26.27
  • Assessed Land Value: $4,462,075.00
  • Assessed Land Percent: 73.73
  • Assessed Total Value: $6,051,687.00

Property History for 5020 Tujunga 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 5020 Tujunga Avenue

Taxable ValueLand$4,551,316Additions$1,621,404Total$6,172,720
Tax Record2024$77,259 ($6,438 / month)
Home Facts
Total Finished SqFt17,690 SqFtAbove Grade Finished SqFt17,690 SqFtLot Size22,230 SqFtStyleMulti-Family Res (5+ Units)Year Built1965ZoningLAR4CountyLOS ANGELESAPN2353-014-036

Schools near 5020 Tujunga Avenue

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
Public - 9 to 12
Rating
School
Distance
Lankershim Elementary School
PublicK 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.

Similar Homes

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5020 Tujunga Avenue is a multi-family home for sale in North Hollywood, CA 91601. This property was listed for sale on April 22, 2024 by Marcus & Millichap, it's currently listed at $7,840,000. It has been on the market for a total of 214 days and was last sold on January 30, 2017. This listing's school district is Los Angeles Unified School District. Nearby schools include Lankershim Elementary School, Walter Reed Middle School and North Hollywood Senior High School. 5020 Tujunga Avenue is a 1-bed, 40-bath, 17,690 sqft multi-family home built in 1965.

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, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976

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.