Active

14556 Magnolia Boulevard, Sherman Oaks (los Angeles)

Sherman Oaks ( los Angeles ) CA, 91403

$10,450,000


$266.60 per sqft

Active

39,198 sqft

Other

Built in 1961

***PRICE REDUCED ADDITIONAL $500,000*** We are pleased to present the Terraces at the Summit, a 50-unit value add apartment building located at 14556 Magnolia Boulevard in Sherman Oaks, California. Current rents are approximately 22% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. Built in 1961, the property features a favorable unit mix consisting of (17) studio/one-bathroom units and (33) one-bedroom/one-bathroom units. Units feature wood flooring, granite countertops, dishwasher, microwave and floor to ceiling living room windows (select units). Property amenities include secured access, pool, grill/picnic area, lounge, fitness center, laundry facility, elevator and gated subterranean parking. The 39,198 square foot building sits on a large 0.57 acre lot that is LAR3 zoned. The Terraces at the Summit is located in Sherman Oaks, one of the best rental submarkets in Los Angeles County with historically low vacancy rates. The property is in close proximity to grocery stores, restaurants and retail on Van Nuys Boulevard as well as vibrant cafes, fine dining, high-end chic retail and nightlife on nearby Ventura Boulevard. The property is conveniently located near the 405 and 101 freeways and just a short d

CL24427717

MLS ID

August 14, 2024

Listed

October 30, 2024

Updated

Map

14556 Magnolia Boulevard, Sherman Oaks (los Angeles)
Sherman Oaks ( los Angeles ) CA, 91403

Interior Features

Fireplace

No


Cooling

Yes


Cooling Description

Wall/Window Unit(s)


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.57 Acres

Other Property Details

Area Name

Sherman Oaks (los Angeles)


Garage

No


Parking

Covered


View

No


County

Los Angeles


Pool

No


Zoning

LAR3

Listing History

Date

Event

Price

10/30/2024

Price change

$10,450,000

-5%

9/20/2024

Price change

$10,950,000

-5%

Listed by Matthew Ziegler with Marcus & Millichap
Listing Contact: 818-212-2738 

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