5821 Hazeltine Avenue
5821 Hazeltine Avenue
$1,160,000
4
4
2,467
2,467
$470
Sold 6/28/22
Description
We are pleased to present this 4 unit property located at 5821 Hazeltine Ave in Van Nuys, CA, ideally situated South of Oxnard Street, and just two blocks north of the Sherman Oaks city border at Burbank Blvd. This 4 unit offering sits on a 0.14 acre lot, it has an alleyway behind the property for easy access to the property's gated parking, and it comes with 3 units that are not subject to LA City Rent Control (only subject to AB-1482). The offering is comprised of a stand alone, 800 square foot,...We are pleased to present this 4 unit property located at 5821 Hazeltine Ave in Van Nuys, CA, ideally situated South of Oxnard Street, and just two blocks north of the Sherman Oaks city border at Burbank Blvd. This 4 unit offering sits on a 0.14 acre lot, it has an alleyway behind the property for easy access to the property's gated parking, and it comes with 3 units that are not subject to LA City Rent Control (only subject to AB-1482). The offering is comprised of a stand alone, 800 square foot, 2 bedroom house in front, which was built in 1928 and subject to LA rent control, and a triplex at the back of the lot which was built in December 1978 and is comprised of (2) 1 bed units and (1) bachelor. Since this triplex in back was built after the cutoff for LA Rent Control, those three apartment units are not subject to LA's strict rent control laws, and they are only subject to the more lenient AB-1482 rent control laws which allows annual rent increases equal to 5% + CPI. Also, the front 2-bed house was fully renovated in 2015 with all new electrical, plumbing, floors, kitchen, bathroom, etc. The seller of this property has owned this building since the 1970s, almost 50 years of ownership. In fact, the seller is the one who built the triplex in the back of the lot in December 1978. The property has been maintained with extreme care over the decades, like you would expect from a pride of ownership mom and pop landlord. The property presents the buyer with a couple of avenues to add value. First, the current rents are approximately 24% below full market potential. For the non-rent-controlled triplex, you can get those rents up to full market potential much quicker than you'd be able to for LA rent controlled units. For the front house that is rent controlled, a strategic buyer could potentially owner-occupy that house for a period of time, which would be the easiest avenue to get that rent controlled unit vacant. This would allow the buyer to capture a large amount of upside potential when re-leased at market rents in the future. Lastly, a buyer would be wise to speak with ADU companies about the converting the 4 tuck under parking spots in the back to an ADU, which would be great way to add much more value than the cost of construction would be. Lastly, the tuck under parking in the alleyway is not on LA City's list of properties that need to be retrofitting for earthquake safety.
- Listed by Filip Niculete • DRE #01905352 • Brokerage DRE #01240999 • Marcus & Millichap
- Listed by Glen Scher • DRE #01962976 • Brokerage DRE #01240999 • Marcus & Millichap
Property Details for 5821 Hazeltine Avenue
Zoning
LARD1.5
Parcel Number2245029040
Total Units4.0
Living Area2467
Source Living AreaVendor Enhanced
AreaSherman Oaks (SO)
Vacancy Rate25%
Lot Size Area5896
Location
LISTING UPDATED: 06/28/2022 02:18 PM
Property Details for 5821 Hazeltine Avenue
Status | Sold |
---|---|
MLS # | 22-154781 |
Days on Market | 18 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1928 |
Lot Size | 0.14 AC / 5,896 SF |
County | Los Angeles County |
Location
Building Information for 5821 Hazeltine Avenue
Stories-Residences-Year Built1928Building Size-Lot Size0.14 AC / 5,896 SF
Payment Calculator
$7,548 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 5821 Hazeltine Avenue
Property History for 5821 Hazeltine Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 5821 Hazeltine Avenue
Taxable ValueLand$709,920Additions$473,280Total$1,183,200
Tax Record2023$14,608 ($1,217 / month)
Home Facts
Total Finished SqFt2,467 SqFtAbove Grade Finished SqFt2,467 SqFtLot Size5,896 SqFtStyleQuadraplexYear Built1928ZoningLARD1.5CountyLOS ANGELESAPN2245-029-040
Schools near 5821 Hazeltine Avenue
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Charter - | K to 5 |
Rating | School | Distance |
---|---|---|
Chandler Elementary PublicK to 5 | ||
Van Nuys Middle School Public6 to 8 | ||
Van Nuys Senior High School Public9 to 12 | ||
Ararat Charter School CharterK to 5 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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