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12310 CHANDLER BOULEVARD

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Address: 12310 Chandler Blvd

California & West + Apartment Buildings

Created date: June 16, 2023

Date last updated: November 4, 2024

Property Description

Marcus & Millichap is pleased to announce the opportunity to purchase 12310 Chandler Boulevard, a 41-unit multifamily property in an excellent Valley Village, CA location. Various past density restrictions had limited large-scale developments in Valley Village, making 12310 Chandler Boulevard one of only 33 buildings to contain 41+ units out of the 484 multifamily properties in the city. These larger properties rarely come available on the open market, with only one other 40+ unit property transacting in the past five years. Available at an attractive $259 per square foot while similar properties have recently sold for an average of $372 per square foot, the property provides an outstanding opportunity for an astute investor to gain a sizable foothold in a desirable neighborhood while capitalizing on the approximate 49% upside in current rents. Additionally, the potential implementation of a RUBS program can boost future income substantially. Surrounding two separate well-landscaped courtyards with a sparkling pool, the building offers balconies or patios for most tenants, while ample on-site parking allows space for 48 vehicles. This parking area, along with the on-site laundry facilities, provide additional revenue streams to the owner. Located on the corner of Chandler Boulevard and Corteen Place, residents are walking distance to the Laurel Canyon Orange Line Bus Stop as well as numerous restaurants and retail stores on Laurel Canyon Boulevard. Adjacent neighborhoods include Studio City, Sherman Oaks, Toluca Lake, the NoHo Arts District, and Burbank. With easy access to the 170, 101, and 134 Freeways, plenty of employment and entertainment opportunities in the neighboring cities are a short drive away.

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Key Property Information

Listing Status:	Sold
Sold Date:	17-11-0023
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$8,750,000
No. of Units:	41
Cap Rate:	4.14%
GRM /GIM:	13.77
Year Built:	1957
Building Size:	37,038 Sq ft
Lot Size:	55,108.00 Acres
Opportunity Zone:	No
Price per unit:	$234,024