Under contract
Active Under Contract
14556 Magnolia Boulevard
Sherman Oaks CA, 91403
$10,450,000
$266.60 per sqft
Under contract
Active Under Contract
35 Beds
50 Baths
39,198 sqft
Residential
Built in 1961
***PRICE REDUCED ADDITIONAL $500,000*** We are pleased to present the Terraces at the Summit, a 50-unit value add apartment building located at 14556 Magnolia Boulevard in Sherman Oaks, California. Current rents are approximately 22% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. Built in 1961, the property features a favorable unit mix consisting of (17) studio/one-bathroom units and (33) one-bedroom/one-bathroom units. Units feature wood flooring, granite countertops, dishwasher, microwave and floor to ceiling living room windows (select units). Property amenities include secured access, pool, grill/picnic area, lounge, fitness center, laundry facility, elevator and gated subterranean parking. The 39,198 square foot building sits on a large 0.57 acre lot that is LAR3 zoned. The Terraces at the Summit is located in Sherman Oaks, one of the best rental submarkets in Los Angeles County with historically low vacancy rates. The property is in close proximity to grocery stores, restaurants and retail on Van Nuys Boulevard as well as vibrant cafes, fine dining, high-end chic retail and nightlife on nearby Ventura Boulevard. The property is conveniently located near the 405 and 101 freeways and just a short drive to major job centers such as Woodland Hills, Encino, North Hollywood, Burbank and Glendale.
24427717
MLSⓇ ID
August 14, 2024
Listed
December 10, 2024
Updated
Map
14556 Magnolia Boulevard
Sherman Oaks CA, 91403
Interior Features
Total Stories
3
Bedrooms
35
Total Bathrooms
50
Fireplace
No
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Size
0.57 Acres
Other Property Details
Area Name
SO - Sherman Oaks
Days on Market
117
Garage
No
Parking
Covered
Parking Total
0
View
No
County
Los Angeles
Pool
No
Zoning
LAR3
Listing History
Date | Event | Price |
---|---|---|
12/10/2024 | Under contract | — |
10/29/2024 | Price change | $10,450,000 -5% |
9/20/2024 | Price change | $10,950,000 -5% |
Listed by Matthew Ziegler, Marcus & Millichap, CA DRE 01280909
Listing Contact: 818-212-2738
Based on information from the CRISNet MLS as of 12/10/2024, 5:59 PM UTC. 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. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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