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City Walk Apartments 4215 Vineland Ave 32 Unit Apartment Building $8,750,000 ($273,438/Unit) 5.04% Cap Rate Studio City, CA 91602
INVESTMENT HIGHLIGHTS
- 32-unit + 1 non-conforming pool/rec room multifamily building built in 1962
- Deliver with 20 vacant units- immediate value-add and lease-up potential
- Walkable to retail, dining, and entertainment on Ventura Boulevard and easy access to the 101, 170, & 134 Freeways and Metro transit options.
- Poo/Rec Room which can be converted to a legal, Studio ADU (Buyer to verify)
- Highly desirable North Hollywood location adjacent to Studio City. Strong rental demand fueled by proximity to major studios and employment center.
- Potential to add up to 11 ADU's (Buyer to verify). The adjacent 10,592 square foot lot, zoned R-3, is also available.
EXECUTIVE SUMMARY
4215 Vineland Avenue presents a rare opportunity to acquire a 32-unit value-add multifamily asset in the heart of North Hollywood, directly adjacent to Studio City.
Built in 1962, the property offers an immediate path to upside with 20 units delivered vacant and potential to convert a pool/rec room into a legal Studio ADU without the need for a build out. Additionally, investors can unlock the opportunity to add an additional 10 ADUs on the property per SB1211 (Buyer to verify). This is a phenomenal chance to execute a renovation program and stabilize at market rents without delay.
The surrounding neighborhood continues to benefit from substantial residential and commercial development, driven by its proximity to major entertainment employers, transit corridors, and the retail and dining amenities of the NoHo Arts District and Studio City. This central San Fernando Valley location supports strong tenant demand and long-term rent growth, making 4215 Vineland Avenue a compelling investment for both private and institutional operators seeking scalable value-add potential in a high-performance rental market.
Built in 1962, the property offers an immediate path to upside with 20 units delivered vacant and potential to convert a pool/rec room into a legal Studio ADU without the need for a build out. Additionally, investors can unlock the opportunity to add an additional 10 ADUs on the property per SB1211 (Buyer to verify). This is a phenomenal chance to execute a renovation program and stabilize at market rents without delay.
The surrounding neighborhood continues to benefit from substantial residential and commercial development, driven by its proximity to major entertainment employers, transit corridors, and the retail and dining amenities of the NoHo Arts District and Studio City. This central San Fernando Valley location supports strong tenant demand and long-term rent growth, making 4215 Vineland Avenue a compelling investment for both private and institutional operators seeking scalable value-add potential in a high-performance rental market.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$782,915
|
$27.48
|
| Other Income |
$3,060
|
$0.11
|
| Vacancy Loss |
$31,317
|
$1.10
|
| Effective Gross Income |
$754,658
|
$26.48
|
| Taxes |
$105,000
|
$3.68
|
| Operating Expenses |
$208,573
|
$7.32
|
| Total Expenses |
$313,573
|
$11.00
|
| Net Operating Income |
$441,085
|
$15.48
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $782,915 |
| Annual Per SF | $27.48 |
| Other Income | |
|---|---|
| Annual | $3,060 |
| Annual Per SF | $0.11 |
| Vacancy Loss | |
|---|---|
| Annual | $31,317 |
| Annual Per SF | $1.10 |
| Effective Gross Income | |
|---|---|
| Annual | $754,658 |
| Annual Per SF | $26.48 |
| Taxes | |
|---|---|
| Annual | $105,000 |
| Annual Per SF | $3.68 |
| Operating Expenses | |
|---|---|
| Annual | $208,573 |
| Annual Per SF | $7.32 |
| Total Expenses | |
|---|---|
| Annual | $313,573 |
| Annual Per SF | $11.00 |
| Net Operating Income | |
|---|---|
| Annual | $441,085 |
| Annual Per SF | $15.48 |
PROPERTY FACTS
| Price | $8,750,000 | Apartment Style | Low-Rise |
| Price Per Unit | $273,438 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.91 AC |
| Cap Rate | 5.04% | Building Size | 28,494 SF |
| Gross Rent Multiplier | 11.18 | Average Occupancy | 37% |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 1.16/1,000 SF |
| Zoning | LAR3 | ||
| Price | $8,750,000 |
| Price Per Unit | $273,438 |
| Sale Type | Investment |
| Cap Rate | 5.04% |
| Gross Rent Multiplier | 11.18 |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.91 AC |
| Building Size | 28,494 SF |
| Average Occupancy | 37% |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 1.16/1,000 SF |
| Zoning | LAR3 |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Heating
- Kitchen
- Range
- Dining Room
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 19 | - | 1 |
| 2+2 | 10 | - | 1 |
| 2+1.5 | 2 | - | 1 |
| 3+1.5 | 1 | - | 1 |
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Walk Score®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 2366-019-028 | Total Assessment | $5,957,470 |
| Land Assessment | $4,227,884 | Annual Taxes | $105,000 ($3.68/SF) |
| Improvements Assessment | $1,729,586 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
2366-019-028
Land Assessment
$4,227,884
Improvements Assessment
$1,729,586
Total Assessment
$5,957,470
Annual Taxes
$105,000 ($3.68/SF)
Tax Year
2025
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City Walk Apartments | 4215 Vineland Ave
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