Los Angeles, Residential Income – 10944 Bluffside Dr, Studio City, CA 91604, USA -001-11-30T00:00:00-08:00
Prime Studio City Location just steps from Ventura Blvd. Rare Opportunity to acquire a classic Hacienda style 40 unit Apartment Building on R-4 high density property. This Complex was built in 1983 and is NOT subject to rent control allowing for significant
10944 Bluffside Dr, Studio City, CA 91604, USA
$12,990,000 USD
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Address10944 Bluffside Drive, Studio City
Price$12,990,000
Year Built1983
Bedrooms Total0
Living Area20,628 ft2
Lot Size (Sq.Ft.)26,949
Listing IDSR17146891
StatusActive Under Contract
Parcel Number2366022059
ZoningLAR4
Special ConditionsStandard
Days on Market25

Detailed Description: Prime Studio City Location just steps from Ventura Blvd. Rare Opportunity to acquire a classic Hacienda style 40 unit Apartment Building on R-4 high density property. This Complex was built in 1983 and is NOT subject to rent control allowing for significant and immediate rental upside. Well maintained and freshly painted this building features 40 Studio / Jr 1 Bedroom units which are ALWAYS in HIGH DEMAND. Present Owners have extensively remodeled 23 of the 40 units proving new rent rates. Upgrades included new paint, new wood floors, new tiled floors in kitchen and bath, new appliances, new bathrooms and more. All units have full kitchens with refrigerator, freestanding gas stove, microwave, stainless steel sink, garbage disposal and breakfast bar. Most units have gas fireplaces and nearly half have patios or balconies. Low maintenance building keeps expenses down. Community laundry on premises. Close to all Major Studios, Freeways and Metro. A “Once in a Life time” offering.

Fence
Cooling
Association
Fireplace
Laundry
Parking
Pool Private
Rent Control
Senior Community
Spa
Property Attached
Land Lease
Appliances

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Address Information
Address10944 Bluffside Drive, Studio City
Street SuffixDrive
CityStudio City
Location (MLS Area)STUD – Studio City
County Or ParishLos Angeles
State or ProvinceCA
Postal Code91604
Postal Code Plus43357
CountryUS
Financial Information
Purchase Contract DateJuly 20, 2017
Price per Square Foot$629.73
Price per Lot Square Foot$482.02
Price per Unit$324,750
Tenant PaysCable TV, Electricity, Gas, Telephone
Special ConditionsStandard
Total Expenses$243,618
Professional Management Expense$36,246
Licenses Expense$240
Operating Expense$243,618
Insurance Expense$7,287
Electric Expense$2,467
Water Sewer Expense$11,134
Workman\’s Compensation$1,561
Trash Expense$5,519
Maintenance Expense$14,498
Supplies Expense$240
Operating Expense34%
Other Expense DescriptionMisc
Other Expense$1,648
Gross Operating Income$717,320
Gross Income$3,274
Gross Scheduled Income$728,194
Net Operating Income$473,702
Total Actual Rent$724,920
Vacancy Allowance$10,874
Gross Multiplier17.9%
Other Income DescriptionLaundry / Screening fees / late
Other Income 1$3,274
Tax Year2000
Tax Lot30
New Taxes Expense$154,840
Full Descriptions
Parcel Number2366022059
Detailed DescriptionPrime Studio City Location just steps from Ventura Blvd. Rare Opportunity to acquire a classic Hacienda style 40 unit Apartment Building on R-4 high density property. This Complex was built in 1983 and is NOT subject to rent control allowing for significant and immediate rental upside. Well maintained and freshly painted this building features 40 Studio / Jr 1 Bedroom units which are ALWAYS in HIGH DEMAND. Present Owners have extensively remodeled 23 of the 40 units proving new rent rates. Upgrades included new paint, new wood floors, new tiled floors in kitchen and bath, new appliances, new bathrooms and more. All units have full kitchens with refrigerator, freestanding gas stove, microwave, stainless steel sink, garbage disposal and breakfast bar. Most units have gas fireplaces and nearly half have patios or balconies. Low maintenance building keeps expenses down. Community laundry on premises. Close to all Major Studios, Freeways and Metro. A “Once in a Life time” offering.
Lot FeaturesCul-De-Sac, Lot 20000-39999 Sqft, Lot Shape-Rectangular, Lot-Level / Flat, Near Public Transit, Paved, Sprinklers In Front, Sprinklers Timer
Community FeaturesCurbs, Gutters, Sidewalks, Street Lighting
Architectural StyleSpanish
Interior FeaturesCeiling Fan, Copper Plumbing Full, Laminate Counters, Open Floor Plan
Flooring DescriptionCarpet, Tile, Vinyl, Wood
Foundation DetailsSlab
Window FeaturesScreens, Skylights
Door FeaturesMirrored Closet Doors, Sliding Glass Door (s)
Water SourcePublic
Construction MaterialsDrywall Walls, Stucco
Roof DescriptionFlat, Spanish Tile
Security FeaturesCarbon Monoxide Detector (s), Resident Manager, Smoke Detector
UtilitiesPhone Connected, Sewer Connected, Water Connected
Laundry FeaturesCommunity
Heating DescriptionHeat Pump
Cooling DescriptionWall Window, Heat Pump
Property ConditionTurnkey
Accessibility FeaturesNo Interior Steps
Appliances DescriptionGarbage Disposal, Gas Range, Microwave, Refrigerator, Water Heater Central
Exterior FeaturesLighting, Rain Gutters
Parking FeaturesAssigned, On Site, Parking Space, Side by Side
Fencing DescriptionNone
Fireplace FeaturesLiving Room, Gas, Decorative
Common Walls Description2
Pool FeaturesNone
Spa FeaturesNone
Road Surface TypeAlley Paved, Paved
Road Frontage TypeCity Street
Property parameters
Year Built1983
Living Area (Sq.Ft.)20,628 ft2
Lot Size (Sq.Ft.)26,949
Lot Size (Acres)0.61
Lot Size SourceAssessor
Lot Size Dimensions SourceAssessor
Number of Buildings1
Number of Units Leased40
Number of Units Total40
ZoningLAR4
Stories Total2
Parking Spaces40
Uncovered Spaces37
LevelsTwo
Carport Spaces3
Water SourcePublic
Units Total40
Year Built SourceAssessor
Laundry EquipmentLease
Vacancy Allowance Rate1.5%
Average Studio Area500 ft2
Number of Separate Electric Meters41
Number of Separate Gas Meters41
Number of Separate Water Meters1
Units with Carpet17
Units with Disposal40
Units with Patio21
Units with Refrigerator40
Cap Rate (For Cash Payment Only)3.65
Listed withEllen Model (Berkshire Hathaway HomeService)