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11993 Laurelwood Drive

Studio City, CA 91604
  • $3,900,000
  • STATUS: Active Under Contract
  • ON SITE: 20 Days
  • ID#: 22197101
Under Contract
UPDATED: 73 min ago
$3,900,000
  • 15
    BEDS
  • 0.24
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 8,906
    SQFT
  • $438
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1963
County:

School Ratings & Info

Listing Agent(s): Matthew Ziegler of Marcus & Millichap (818-212-2700)


Description

We are pleased to present 11993 Laurelwood Drive, a 10-unit* value-add opportunity located South of Ventura Boulevard in the sought-after neighborhood of Studio City, California. Constructed in 1963, the 8,906 square foot building sits on a 10,455 square foot lot. The building consists of (7) one-bedroom/one-bathroom units, (2) two-bedroom/two-bathroom units, and (1) two-bedroom/two-bathroom/den unit. The property features parking in both the front and rear of the property, multiple viewing decks with canyon views, courtyard setting with mature trees and laundry facilities. All the units are spacious and feature wood type flooring (select units), wall A/C units, dishwashers, garbage disposals, ample closet space.11993 Laurelwood Drive has a Walk Score of 88 (Very Walkable) as it is in very close proximity to trendy retail shopping, restaurants, cafes, grocery stores, and entertainment options along Ventura Boulevard. The property is also walking distance from CBS Studio Center, Trader Joes, Katsuya Sushi, and the Studio City Farmers Market. Conveniently located to the 101, 170, 405 and 134 freeways, tenants benefit by having easy access to all local regions within the greater Los Angeles area. This is a tremendous value add opportunity located in a higher barrier to entry market with significant rental upside as the current rents are approximately 33% below market. (*The property is currently operated as a 10-unit building. However, the original Certificate of Occupancy states that the building is 11-units. This provides a new owner the potential option of converting the building back to an 11-unit building. Buyer to conduct its own investigations related to such potential conversion.)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-09-26T23:27:35.533. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Beach City Brokers | BCB Premier Estates | The Miller Group. Licensed in the State of California, USA.
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11993 Laurelwood Drive Studio City, CA 91604

  • Price: $3,900,000
  • Status: Active Under Contract
  • On Site: 20 Days
  • Updated: 73 min ago
  • ID#: 22197101
15
Beds
0
Baths
0
½ Baths
0.24
Acres
8,906
SQFT
$438
$/SQFT
1963
Built
Neighborhood:
STUD - Studio City
County:
Los Angeles
Area:
STUD - Studio City
Property Description
We are pleased to present 11993 Laurelwood Drive, a 10-unit* value-add opportunity located South of Ventura Boulevard in the sought-after neighborhood of Studio City, California. Constructed in 1963, the 8,906 square foot building sits on a 10,455 square foot lot. The building consists of (7) one-bedroom/one-bathroom units, (2) two-bedroom/two-bathroom units, and (1) two-bedroom/two-bathroom/den unit. The property features parking in both the front and rear of the property, multiple viewing decks with canyon views, courtyard setting with mature trees and laundry facilities. All the units are spacious and feature wood type flooring (select units), wall A/C units, dishwashers, garbage disposals, ample closet space.11993 Laurelwood Drive has a Walk Score of 88 (Very Walkable) as it is in very close proximity to trendy retail shopping, restaurants, cafes, grocery stores, and entertainment options along Ventura Boulevard. The property is also walking distance from CBS Studio Center, Trader Joes, Katsuya Sushi, and the Studio City Farmers Market. Conveniently located to the 101, 170, 405 and 134 freeways, tenants benefit by having easy access to all local regions within the greater Los Angeles area. This is a tremendous value add opportunity located in a higher barrier to entry market with significant rental upside as the current rents are approximately 33% below market. (*The property is currently operated as a 10-unit building. However, the original Certificate of Occupancy states that the building is 11-units. This provides a new owner the potential option of converting the building back to an 11-unit building. Buyer to conduct its own investigations related to such potential conversion.)
Exterior Features

Parking Features Covered Parking Total 0

Interior Features

Cooling Wall/Window Unit(S) Cooling YN Yes Heating Wall Furnace Heating YN Yes

Property Features

Association YN No Cap Rate 3.36 Gross Income 220140 Listing Agreement Seller Reserved Listing Service Full Service Net Operating Income 130881 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning Lar3



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-09-26T23:27:35.533. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Beach City Brokers | BCB Premier Estates | The Miller Group. Licensed in the State of California, USA.
 
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Beach City Brokers | BCB Premier Estates | The Miller Group
1716 South Catalina Avenue
Redondo Beach CA, 90277
Listing Agent(s): Matthew Ziegler of Marcus & Millichap (818-212-2700)