10621 Valley Spring Ln, North Hollywood, California, United States

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Home For Sale

$18,500,000

10621 Valley Spring Ln
North Hollywood, California, United States

75bd 75ba

Listed By: Realtyww Info

Listed On: 06/15/2023

Listing ID: GL10077509 View More Details

Description

We are pleased to present the Studio Heights Apartments, a 45-unit apartment building located at 10621 Valey Spring Lane in the beautiful residential neighborhood of West Toluca Lake/North Hollywood, CA. Built in 1987, the property is not subject to LA City Rent Control (only subject to California State Rent Control). Current rents are approximately 25% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. The building has an excellent unit mix consisting of 15 one-bedroom/one-bathroom units (3 of these units are moderate income affordable) and 30 two-bedroom/two-bathroom units. The property features controlled access, covered and gated parking, key fob entry, an elevator, an on-site laundry facility, leasing office, fitness center and a rooftop terrace with views and a spa. The units feature open floor plans with stainless steel appliances (select units), a gas range stove, central heat, air-conditioning, fireplaces (select units), and high ceilings (select units). The 44, 848 SF building sits on a large 0.41 AC lot that is LAR3 zoned. 10621 Valley Spring Lane boasts a Walk Score of 76 as it is just a short walk to trendy coffee shops, cafes, restaurants, and retail along both Vineland Avenue and Riverside Drive. The property is conveniently located near the 101, 134, 170 freeways providing easy access to the surrounding Universal City, NoHo Arts District, Sherman oaks, Encino, Burbank, Holywood, and Glendale. The property is also a short walk (0.6 miles) from the Universal/Studio City and North Hollywood Metro Red Line Stations offering a viable public transportation option for tenants.

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Listed by: Matthews Real Estate Investment Services