Marcus & Millichap is pleased to present for sale an eight-unit multifamily property located in Sherman Oaks, California. Situated at 14316 Riverside Drive, southern side of Riverside Drive and east of Van Nuys Boulevard. Within close proximity of the property are public schools, shopping, Valley College, and the 101 & 170 Freeway - allowing residents easy access to the Valley and Los Angeles.
Built in 1951, the subject property is located in the heart of Sherman Oaks, a location unparalleled in the San Fernando Valley. The property is made up of two buildings on one parcel, consisting of four one-bedroom/ one-bathroom, three two-bedroom/ one-bathroom and one two-bedroom/ one-and-a-half bathroom units, all of which operate below market rent. The owner has kept the property well maintained and has put a significant amount of money into the exterior finishings to get the property ready for the market.
The property is under rent control ordinances, however, as units turn over, a buyer can renovate the units and achieve higher market rents. The building has parking, onsite laundry, spacious units and sits in an excellent location. This multifamily offering provides a prospective investor with all the makings of a sound investment, including: prime location, well maintain structures, tremendous value add opportunity through renovations and unit turnover.
