5222 Hermitage Ave
- Built 1948/1990 | RSO Property
- No Seismic Retrofit Needed
- Approx. 29% Upside in Rents
- Can Build 2 ADUs in Back
- 10 Parking Spots for 5 Units
- 2 Units Fully Renovated
- Brand New Roof in 2017
- Great Valley Village Location
Property Description
The LAAA Team of Marcus & Millichap is pleased to present 5222 Hermitage Ave, a 5-unit multifamily property in Valley Village, CA. In 1948, this property was originally built as a single family house. Then in 1987, the owner submitted building plans to add 4 units in addition to the house, making it a 5 unit property. The construction was finished in 1989, and the certificate of occupancy was issued in 1990. The property isn't on the city's list for mandatory soft story retrofitting, despite the tuck-under parking in the back. This is likely because the tuck-under parking was built in 1990, and therefore exempt from seismic retrofitting requirements, but the Buyer should verify and rely on Buyer's own research. This 4,802 square foot building sits on a 0.17 acre lot, and it boasts a strong unit mix with (1) 1,100 SqFt 3-Bedroom, (1) 950 SqFt 2-Bedroom, and (3) 650 SqFt 1-Bedroom units. The 3 bedroom unit was recently renovated as well as one of the 1-bedroom units. The other three units are occupied by tenants living there for 10+ years, and those units offer significant upside potential for the buyer. Also, this property's layout lends itself perfectly for two brand new construction ADUs to be built on the back parking lot. 5222 Hermitage is located in a great pocket of Valley Village, a desirable community within the San Fernando Valley, known for its residential charm, accessibility, and convenience. The property benefits from its proximity to key transportation routes, shopping, dining, and entertainment options, as well as its closeness to major employment centers. This prime location not only enhances the living experience for tenants but also contributes to the property's overall attractiveness as an investment, by supporting sustained demand and the potential for rental growth. The blend of a well-maintained property, a diverse unit mix, and a prime location makes this asset a compelling opportunity for investors looking to capitalize on the Valley Village rental market.
Key Property Information
| Listing Status: | Available |
|---|---|
| Price: | $1,475,000 |
| No. of Units: | 4 |
| Cap Rate: | 5.01% |
| GRM /GIM: | 11.05 |
| Year Built: | 1948 |
| Year Renovated: | 1990 |
| Building Size: | 4,802 Sq ft |
| Lot Size: | 0.17 Acres |
| Opportunity Zone: | No |
| Price per unit: | $368,750 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Glen Scher | 818-212-2808 | [email protected] |
| Filip Niculete | 818-212-2748 | [email protected] |
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