Marcus & Millichap is pleased to present 12207 Chandler Boulevard, a 10-unit non-rent control multifamily property in sought-after Valley Village within the San Fernando Valley. Constructed in 1978/1979, the property is both exempt from Los Angeles rent control and is not on the Los Angeles Department of Building & Safety’s soft story retrofit list, which significantly reduces a new investor’s deferred maintenance costs. The building has been well-maintained, yet the opportunity still exists for a new owner to introduce interior upgrades that could help improve cash flow as rents move in line with similarly renovated units in the immediate area.
Several property features help to limit the owner’s expenses and attract new tenants, including the building’s full copper plumbing, two tankless water heaters, central air/heat system, and separately metered utilities. Select units have fireplaces, long balconies, recessed lighting, wood flooring, and/or large walk-in closets. The entire property recently cleared its SCEP inspection in January 2018.
An additional stream of cash flow is generated by the on-site laundry facilities, which are owned by the landlord. The semi-subterranean parking is more than adequate for the unit arrangement, with space for 16 vehicles in the gated garage.
Sharing borders with Studio City, Sherman Oaks, and the NoHo Arts District, Valley Village has been a desirable location for landlords and tenants alike. In addition to the plentiful high-end retail and dining options in the surrounding area, tenants enjoy the convenience of the new Metro Orange Line, with a station just over one block away from the property.
