Whitsett Estates 6717 Wilkinson Ave 36 Unit Apartment Building $6,825,000 ($189,583/Unit) 5.70% Cap Rate North Hollywood, CA 91606

Whitsett Estates is a 36-unit apartment community constructed in 1959. The property is well located in the desirable San Fernando Valley community of North Hollywood, an area characterized by strong demographics, accessibility to employment centers, and relatively affordable rents. Within walking distance are many prominent parks including the Valley Plaza Sports Complex as well as the Valley Plaza Recreation Area. A few minutes away is the NoHo Arts District, an array of culinary options, nightlife, and exquisite retail amenities.
Current ownership has diligently maintained the property with recent capital investment; however, they have not pursued full unit renovations. With current rents that average more than 20% below-market, a new owner has the opportunity to capture substantial rental upside through mark-to-market adjustments upon vacancy, or even more premiums through complete unit renovations.
Additionally, the two neighboring five-unit properties may also be available with a compelling offer making the number of units in the offering total 46. Contact the investment sale advisors for additional information.