Description

18606 Collins St, a 13-unit prime Value-add multifamily property located in the desirable city of Tarzana, California. This offering presents a great opportunity for investors to acquire a well-located value-add apartment community with excellent layout, great unit mix and good unit amenities. The property is within walking distance from well-known Ventura Boulevard, where tenants can enjoy the luxuries of the surrounding restaurants and shops. The property has a high walk score of 77 and enjoys superb access to FWY 101. It offers excellent demographics of ±$111,295 average household income within a 1-mile radius. The property is a ±12,221 sqft two-story apartment that was built in 1965 and situated on a ±15,439 sqft lot. It offers an excellent unit mix of one (1) x 4-bedroom+2-bathroom townhouse style, eight (8) x 2-bedroom+1.5-bathroom units, one (1) x 2-bedroom+1-bathroom unit, and one (1) x 1-bedroom unit. The front unit is a large townhome-style unit that consists of 4 bedrooms and 2 bathrooms. Each unit is large with good layout and separately metered for electricity and gas. Each unit has central A/C and heating unit. Most of the units have private patio/balcony and each unit has at least 1 assigned parking space. Approximately 10 units have undergone partial upgrades such as granite/quartz kitchen countertops complete with new kitchen cabinetry and tiled backsplash, and tiled bathroom; 3 units have wood (vinyl or laminate) flooring. One unit has a laundry hookup. Laundry is provided via a shared laundry room (seller’s machines – new laundry machine recently installed). It has new 100 gallons commercial water heater. Parking is provided by 15 spaces with 6 carports, 4 tuck-under, and 5 open spaces (ADU upside! Buyer to verify). The property was structurally retrofitted in 1995 due to Northridge Earthquake (buyer to verify this with qualified tradesman). The property is within rent stabilization ordinance (rent-control). The parking soft-story retrofit that needs to be completed will be credited to buyer during escrow.