18400 Collins Street
Tarzana, CA 91356 ·
52 Units · Multifamily For Sale
|No. Units||52||Property Use Type||Investment|
|Building Size||37,995 SF||Cap Rate||6.36%|
|Property Type||Multifamily||Gross Rent Multiplier||9.80|
|Listing ID: 16324172||Date Created: 07/20/2009||Last Updated: 09/30/2009|
Tarzana Courtyard is a 52-unit, two story property sitting on over an acre of land and offers spacious living in a garden style building with a pool, and covered parking for 52 spaces behind gated entry. The property has rents over 20% below market, with already proven rents at the subjuct property. Tremendous upside in this proeprty, which is situated in an upscale condo and apartment area in San Fernando Valley, can be achieved by bringing the low rents to market and thru common area improvements. This site also has long term development potential for condos or apartments. Many apartments have been rehabbed.
The Property offers several types of units with singles, ones, junior ones, two-bedroom and thre-bedroom units catering to upscale tenants. The property is being offered at a 6 cap rate and 10x gross and a 5% return with tremendous upside, in a prime locale with no new construction nearby. The Tarzana market offers extensive conveniences being close to the 101 freeway and just south of the Metro Orange Line.
Tarzana Courtyard is located in a residential area of condominiums and apartments north of Ventura Boulevard, west of Reseda Boulevard, in a desirable submarket of San Fernando Valley, which lies between the affluent communities of Encino and Woodland Hills. From this locale, residents can walk to Gelson's Market, Starbucks or the Coffee Bean, along Ventura and Reseda Boulevards. The 101 Freeway is just south of the property and the Metro Rail Orange LIne runs east and west, just a mile north. The Encino-Tarzana Regional Medical Center is two blocks away, a major local employer. Nearby recreation inlcudes Balboa Park with two 18-hole golf courses and 80-acre park with tennis courts, bike paths, baseball diamonds, and the 27-acre Lake Balboa.
Exciting new retail construction along Ventura Blvd., 1 mile from the property is underway, the Tarzana "Village Walk", a 150,000 SF high end retail, with restaurants and new Whole Foods Supermarket, 72 luxury townhomes and condominiums, at Yolanda and Ventura just west of Reseda. The development with Gelson's Market, small upscale boutiques & restaurants make Tarzana a retail center rival to its neighboring suburbs.
- PRICE REDUCTION
18400 Collins Street, Tarzana, CA 91356 (Los Angeles County)
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