4710 Colfax Ave, North Hollywood, CA 91602

Property Description

Marcus and Millichap is proud to present the opportunity to acquire 4710 Colfax Avenue, a timeless 8-unit apartment community set in a highly accessible pocket of North Hollywood. Located amongst a diverse set of single family homes, high-end condominiums, and low-density multifamily buildings, the property offers renters a special mix of a suburban and urban landscape. The property lies less than a ten-minute drive to Toluca Lake, Sherman Oaks, Valley Village, and Studio City. The property sits just minutes from the 101 and 170 intersection providing renters with swift access to Downtown Los Angels, Hollywood, Burbank, and other major employment hubs of L.A. County. Renters enjoy the close proximity to the world class amenities of the North Hollywood Arts District, Studio City's Silver Triangle and the endless array of shops and restaurants along Ventura Blvd in Sherman Oaks just a few miles away. The property boasts a great walk score of 78 allowing most errands to be accomplished without the need for a car. The property improvements are comprised of an approximately 7,532 +/- square foot wood frame and stucco structure on a roughly 9,800 square foot lot. The property features an outstanding unit mix of one (1 bed +1 bath ), six (2 bed +1.5 bath ), and one (3 bed + 2 bath) units. The current ownership has taken pride in the property's upkeep and made significant upgrades to select units including recessed lighting, updated flooring, A/C wall units, fans, bathroom and kitchen tiles. The property features one parking spot per unit. The soft story retrofitting work has been completed (Buyer to verify). The demographics of the surrounding area are highly compelling with a population over 36,000 and an average household income over $120,000. A new Buyer has the opportunity to achieve massive rental upside as market rate rents are achieved through unit turn over and rental increases. North Hollywood continues to see massive levels of investment including the planned District NoHo project which is expected to include 1,500 new apartments, office, and retail. * Unit #7 is currently occupied and rented at $1,634 and the Seller is pursuing an eviction and the unit may be coming vacant. Estimated rental rate for unit #7 is $2,400. Buyer to investigate and verify all claims including vacancy and rent projections.