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$7,350,000
Est. payment /mo
28 Beds
30 Baths
20,182 SqFt
UPDATED:
01/17/2025 12:36 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 20,182 sqft
Price per Sqft $364
MLS Listing ID 25484527
Bedrooms 28
HOA Y/N No
Year Built 1956
Lot Size 0.548 Acres
Property Description
We are pleased to exclusively present Park Seville, a rare 30-unit value-add opportunity located at 14065 Moorpark Street in the heart of Sherman Oaks, California. This mid-century gem offers a compelling investment opportunity in one of the most desirable neighborhoods of the San Fernando Valley.Park Seville is a two-story, walk-up building situated on a 23,882-square-foot lot. It features an appealing unit mix of 11 studio units, ten one-bedroom/one-bathroom units, and nine two-bedroom/one-bathroom units, designed with efficient layouts to cater to the local renting community. Thoughtfully maintained by current ownership, which includes the original developer, upgrades include copper re-piping, new electrical subpanels, and select unit enhancements upon turnover. As units turn over, investors can capture an estimated 37% upside potential in rents by implementing high-end finishes sought after by modern Sherman Oaks renters. The property also maintains an expansive interior courtyard with a pool, an on-site shared laundry facility, and secured garage parking for 22 of the 30 units eight of the studio units are not provided with a parking space.The property's prime location just steps from Ventura Boulevard positions it near Los Angeles' most iconic retail and dining establishments, including Sherman Oaks Galleria, Westfield Fashion Square, and Castle Park. The area is also home to various top-tier schools such as Harvard-Westlake, Notre Dame, and Buckley. Furthermore, the surrounding region has undergone transformative developments, such as IMT Residential's nearby project, IMT Sunkist. Also known as Citrus Commons, the development is anticipated to deliver 249 residential units and 27,000 square feet of retail space, a project amid many others that greatly reinforce institutional confidence in Sherman Oaks.Park Seville represents a unique chance to create a premier luxury community in a highly coveted Los Angeles rental submarket, offering significant upside potential and long-term value for savvy investors.
Location
State CA
County Los Angeles
Area So - Sherman Oaks
Zoning LAR3
Interior
Heating Floor Furnace
Fireplace No
Exterior
Parking Features Covered
Building
Story 2
Entry Level Two
Foundation Raised
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2271013007
Special Listing Condition Standard
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Listed by Filip Niculete • Marcus & Millichap