Los Angeles, Residential Income – 16867 Kingsbury St, Granada Hills, CA 91344, USA -001-11-30T00:00:00-08:00
The subject property is a seventy unit apartment building located in the desirable location of Granada Hills. The property was built in 1971 and is subject to rent control. There is an excellent unit mix of forty seven One Bedroom / One Bath units and Twenty
16867 Kingsbury St, Granada Hills, CA 91344, USA
$14,500,000 USD
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Address16867 Kingsbury Street, Granada Hills
Price$14,500,000
Year Built1971
Bedrooms Total0
Living Area60,451
Lot Size (Sq.Ft.)69,394
Listing ID17229930
StatusPending
Parcel Number2684001038
ZoningLAR3
Special ConditionsStandard
Days on Market77

Detailed Description: The subject property is a seventy unit apartment building located in the desirable location of Granada Hills. The property was built in 1971 and is subject to rent control. There is an excellent unit mix of forty seven One Bedroom / One Bath units and Twenty Three Two Bedroom / Two Bath Units. The units are very spacious and have central air conditioning and heat. The property is in a park-like setting and lies on over one and half acres of land. Residents enjoy a nice amenity package such as pool with lounge area and BBQ, recently renovated entrance with intercom access, covered and open parking and an on-site laundry facility. This is a unique opportunity to own a larger apartment building in a submarket where properties rarely come available. With below market rents at the property, a new owner should be able to increase cash flow significantly by implementing unit renovation’s as units turn.

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Parking

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Address Information
Address16867 Kingsbury Street, Granada Hills
Street SuffixStreet
CityGranada Hills
Location (MLS Area)GH – Granada Hills
County Or ParishLos Angeles
State or ProvinceCA
Postal Code91344
Financial Information
Purchase Contract DateJuly 10, 2017
Price per Square Foot$239.86
Price per Lot Square Foot$208.95
Special ConditionsStandard
Total Expenses$415,950
Gross Operating Income$1,014,727
Net Operating Income$598,777
Gross Multiplier14.1%
Improvements Amount$3,179,672
Land Value$1,253,022
Tax Year2000
Full Descriptions
Parcel Number2684001038
Detailed DescriptionThe subject property is a seventy unit apartment building located in the desirable location of Granada Hills. The property was built in 1971 and is subject to rent control. There is an excellent unit mix of forty seven One Bedroom / One Bath units and Twenty Three Two Bedroom / Two Bath Units. The units are very spacious and have central air conditioning and heat. The property is in a park-like setting and lies on over one and half acres of land. Residents enjoy a nice amenity package such as pool with lounge area and BBQ, recently renovated entrance with intercom access, covered and open parking and an on-site laundry facility. This is a unique opportunity to own a larger apartment building in a submarket where properties rarely come available. With below market rents at the property, a new owner should be able to increase cash flow significantly by implementing unit renovation’s as units turn.
Cooling DescriptionCentral
Parking FeaturesCovered Parking
Property parameters
Year Built1971
Living Area (Sq.Ft.)60,451
Lot Size (Sq.Ft.)69,394
Lot Size (Acres)1.59
Lot Size SourceAssessor
Number of Buildings1
Number of Units Total70
ZoningLAR3
Stories Total2
Units Total70
Cap Rate (For Cash Payment Only)4.13
Listed withBrett Sanson (Marcus & Millichap)