5228 Hermitage Avenue

Valley Village, CA 91607

$4,320,000
Price
26
Beds
25
Baths
13,207 Sq. Ft.
$327 / Sq. Ft.
13,207
Sq. Ft.
$327
per Sq. Ft.

Description

We are pleased to present Hermitage Court, a 15-unit apartment community in Valley Village, CA. Built in 1970, this property is subject to LA Rent Control (RSO), but it is not required to have an onsite manager, saving the landlord a signicant expense. Priced at $4,320,000, Hermitage Court is offered well below ULA Mansion Tax's threshold of $5,150,000, allowing the buyer to increase the property's value without having to worry about paying for ULA taxes on a future sale. This 13,207 square foot...We are pleased to present Hermitage Court, a 15-unit apartment community in Valley Village, CA. Built in 1970, this property is subject to LA Rent Control (RSO), but it is not required to have an onsite manager, saving the landlord a signicant expense. Priced at $4,320,000, Hermitage Court is offered well below ULA Mansion Tax's threshold of $5,150,000, allowing the buyer to increase the property's value without having to worry about paying for ULA taxes on a future sale. This 13,207 square foot building sits on a large 0.35 acre lot, and it boasts an excellent unit mix of twelve 2-bedroom units (80% 2-bed units), two 1-bedroom units, and one studio. The property wraps around a beautiful courtyard with well manicured landscaping, and it is fully secured with all entrances closed off from the public. There's plenty of parking for the tenants with some private garages in the front and additional parking in the back. Also, the property offers its tenants a pool and BBQ area to enjoy. The seller has renovated 8 of the 15 units in recent years, leaving the buyer ample opportunity to capitalize on approximately 33% upside in rents through unit turns. Also, the buyer could consider converting the garages into ADUs, adding to the total unit count and significantly increasing the property's value. Hermitage Court is located in a great pocket of Valley Village, a desirable community within the San Fernando Valley, known for its residential charm, accessibility, and convenience. The property benets from its proximity to key transportation routes, shopping, dining, and entertainment options, as well as its closeness to major employment centers. This prime location not only enhances the living experience for tenants but also contributes to the property's overall attractiveness as an investment, by supporting sustained demand and the potential for rental growth. The blend of a well-maintained property, a diverse unit mix, and a prime location makes this asset a compelling opportunity for investors looking to capitalize on the Valley Village rental market.
  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 5228 Hermitage Avenue

Zoning
LAR3
Parcel Number
2347023022
Total Units
15.0
Living Area
13207
Source Living Area
Vendor Enhanced
Area
Valley Village (VVL)
Vacancy Rate
3%
Lot Size Area
15239
LISTING UPDATED: 08/22/2024 03:13 PM

Property Details for 5228 Hermitage Avenue

StatusActive
MLS #24-431091
Days on Market102
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1970
Lot Size0.35 AC / 15,239 SF
CountyLos Angeles County

Building Information for 5228 Hermitage Avenue

Stories2Residences-Year Built1970Building Size-Lot Size0.35 AC / 15,239 SF

Property Information for 5228 Hermitage Avenue

Community / Development
Community / Development
  • Number Of Units: 15
  • 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: $363,659
  • Net Operating Income: $235,291.00
  • Gross Income: $369,168
  • Cap Rate: 5.45%
  • Gross Rent Multiplier: $11.53
  • Total Annual Expense: 128368
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.3498
  • Lot Size Square Feet: 15239
  • Lot Size Dimensions: 116x131
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Other
  • Total Parking: 15
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: 08-22-2024
Unit Details
Unit 1 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,514.00
  • Unit Actual Rent: $1,514.00
  • Unit Projected Rent: $1,800.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,589.00
  • Unit Actual Rent: $1,589.00
  • Unit Projected Rent: $2,200.00
  • Like Units: 1
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,184.00
  • Unit Actual Rent: $2,184.00
  • Unit Projected Rent: $2,300.00
  • Like Units: 1
Unit 4 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,431.00
  • Unit Actual Rent: $4,862.00
  • Unit Projected Rent: $5,600.00
  • Like Units: 2
Unit 5 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,061.00
  • Unit Actual Rent: $20,611.00
  • Unit Projected Rent: $29,000.00
  • Like Units: 10
Unit Details
  • Unit Type Type: 2106, 2107, 2108, 2109, 2110
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,672,633.00
  • Assessed Improvement Percent: 60.0
  • Assessed Land Value: $1,115,088.00
  • Assessed Land Percent: 40
  • Assessed Total Value: $2,787,721.00

Property History for 5228 Hermitage 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 5228 Hermitage Avenue

Taxable ValueLand$1,137,389Additions$1,709,085Total$2,846,474
Tax Record2024$36,433 ($3,036 / month)
Home Facts
Total Finished SqFt13,207 SqFtAbove Grade Finished SqFt13,207 SqFtLot Size15,234 SqFtStyleMulti-Family Res (5+ Units)Year Built1970ZoningLAR3CountyLOS ANGELESAPN2347-023-022

Schools near 5228 Hermitage 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
Burbank Boulevard 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.

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5228 Hermitage Avenue is a multi-family home for sale in Valley Village, CA 91607. This property was listed for sale on August 22, 2024 by Marcus & Millichap, it's currently listed at $4,320,000. It has been on the market for a total of 102 days and was last sold on December 28, 2018. This listing's school district is Los Angeles Unified School District. Nearby schools include Burbank Boulevard Elementary School, Walter Reed Middle School and North Hollywood Senior High School. 5228 Hermitage Avenue is a 26-bed, 25-bath, 13,207 sqft multi-family home built in 1970.

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.