The Vanowen Collection is an 18-unit value-add opportunity in North Hollywood. The property consists of three buildings on a 22,000 square foot lot. The original two buildings were built in 1955, and the third was added in 1985 by the current ownership and is not subject to Los Angeles Rent Stabilization (RSO). The two older buildings are each comprised of (6) one-bedroom units, and the newer building has (2) one-bedrooms and (4) two bedroom-two bath units. The asset has been owned by the same family for over 40 years, and at under $200,000 per unit, provides an incredible opportunity to add value and increase rents by over 35%. There have been 100% collections through July, and the property will be delivered with two vacancies. The property is located within a Qualified Opportunity Zone (QOZ), offering the possibility of long-term tax savings. The composite shingle roofs for the two older buildings were replaced in 2011, and the newer buildings roof was also replaced that year.
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