11143 Aqua Vista St, North Hollywood, CA 91602 | For Sale

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For Sale $2,600,000 ($377.08 per Sq Ft)

$2,600,000 ($377.08 per Sq Ft)
  • (0)
  • 10 Units
  • 6,895 Sq Ft
  • 8,534 Sq Ft
  • Unknown Cap Rate

Description

We are proud to present The Pink Flamingo, a classic 10-unit multifamily property located at 11143 Aqua Vista Street in the highly desirable Studio City neighborhood. This property is subject to LA City's Rent Control (RSO), and this is the first time the property has been listed for sale in over 35 years.Built in 1957, this Mid-Century Modern dingbat-style building consists of 8 one-bedroom, one-bath units and 2 two-bedroom, one-bath units. All units are currently occupied with all tenants paying their rent in full and on time. Furthermore, this investment offers a buyer the opportunity to capitalize on nearly 35% upside potential in rental income.The property spans 6,895 square feet on a lot of 8,531 square feet and includes on-site amenities such as a pool, laundry facilities, parking, and air conditioning in most units. Recent upgrades to the property include a brand new 400 AMP electrical system with subpanels for each unit, soft-story retrotting completed in 2018, and a full roof replacement in 2017, ensuring a solid investment for the future.Most units have been carefully restored, showcasing gleaming solid hardwood oors, designer kitchens with gray cabinets, quartz countertops, and vintage-inspired pink and gray bathroom tiles. The property maintains its Mid-Century charm while offering modern conveniences like updated appliances, instant hot water, and ample closet space. With a strong walkability score of 71, tenants will enjoy the proximity to popular destinations such as Universal Studios, Warner Brothers, and trendy Tujunga Village, which boasts a variety of restaurants, cafes, and boutique shops.The Studio City location makes The Pink Flamingo an attractive investment for potential buyers. Known for its blend of quiet residential streets and easy access to major freeways and entertainment hubs, this area is ideal for tenants seeking a balance of suburban tranquility and urban convenience. Its proximity to major studios, along with the appeal of the surrounding upscale neighborhoods, ensures a steady demand for rentals, making it a stable and lucrative investment opportunity.

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Amenities

Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt

Income

Rental Units


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Expenses

Property Details

List Price $2,600,000
Property Type Multi-Family
Usable Sqft 6,895
Number of Stories 2 stories
Parking Spots 0 spots
Year Built 1957
Last Sold Unknown
Sold Price Unknown
APN # 2366018004
MLS # 24445111
Property ID 292474770
Lot Sqft 8,534
Zoning LAR3
Total Units 10
Days on Market 10
Original List Price $2,600,000
Date Updated October 02, 2024
Date Created September 24, 2024
Unit # Beds Baths Current Rent Proforma Rent
Unit #1 1 1.00 $1,527 $4,990
Unit #2 1 1.00 $1,611 $16,400
Gross Income (Yr) $ 185,565
Operating Expenses $ 72,380
Net Income (Yr) $ 113,185
Cap Rate 4.35%
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Listing Provided By

Filip Niculete an agent of Marcus & Millichap. Lic #01905352


© 2024 CARETS and TheMLS. All rights reserved. Based on information from CARETS as of October 02, 2024 The information being provided by CARETS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CARETS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.



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