14375 Polk St

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Address: 14375 Polk St, Sylmar, CA 91342, USA

California & West

Created date: April 26, 2024

Date last updated: August 24, 2024

23 Units | Built in 1964
Value Add Opportunity in Sylmar
Approximately 30% Upside in Potential Rents
3.73% Interest Rate Assumable Loan
Ample Secure/Gated Parking On-Site
Lush Landscaping & Large Open Courtyard
Recently Repaved Parking Lot | Repaired Roof
Interior Renovations in Select Units

Property Description

The LAAA Team of Marcus & Millichap is proud to present 14375 Polk St., a 23-unit apartment building located in Sylmar. Built in 1964, the subject property sits on a 19,797 square foot lot and offers a mix of unit types, including 13 one-bedroom/one-bathroom units, 7 two-bedroom/one-bathroom units, and 3 two-bedroom/two-bathroom units, totaling 15,848 square feet. Recent capital improvements made to the property include seismic retrofit work, a repaired roof, and interior renovations to select units that include new counter-tops, cabinets, and sinks in the kitchen, new vinyl / carpet, and flooring, along with re-glazed bathtubs and new tile.

The 23 apartment units bring in a combined $32,153 of rent per month, or $385,832 per year. A recent rent survey suggests full market-rent potential at $41,715 per month, or $500,580 per year, presenting an investor with approximately 30% upside potential. The property is secured by a gated, on-grade parking lot as well as a gated front entryway to the courtyard. Tenants enjoy on-site laundry, which creates $3,000 of additional income to the owner annually.

The property is also being offered with an attractive assumable loan from Chase Bank with a $1,950,000 assumable balance at a 3.73% interest rate fix ed through May 2027.

Sylmar, located approximately 25 miles northwest of Downtown Los Angeles, is a picturesque neighborhood renowned for its cultural diversity, stunning mountain vistas, and historic olive trees. Residents enjoy easy access to amenities such as the Nethercutt Museum and Los Angeles Mission College. Outdoor enthusiasts appreciate the abundance of recreational options, including nearby parks like Veterans Memorial Community Regional Park and Hansen Dam Recreation Area. With convenient access to major freeways (5, 210, and 405) and public transportation options like Metrolink's Antelope Valley Line and the Van Nuys Station, commuting from Sylmar is hassle-free. Additionally, the property's proximity to Bob Hope Airport (10.2 miles) and Los Angeles International Airport (29.7 miles) further enhances its appeal.

Another one of the property's key highlights is its proximity to several educational institutions and recreational facilities. The subject property is located just steps from Sylmar Elementary, Olive Vista Middle School, Sylmar High, and Sylmar Park, making it an ideal home for families with kids of all ages.

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Key Property Information

Listing Status:	Available
Price:	$4,380,000
No. of Units:	23
Cap Rate:	4.73%
GRM /GIM:	11.35
Year Built:	1964
Building Size:	15,848 Sq ft
Lot Size:	20,037.00 Sq ft
Opportunity Zone:	No
Price per unit:	$190,435