Description
Situated one parcel from the intersection of Tujunga Avenue and Victory Boulevard, this asset is available for sale for the first time in over 40 years. A new investor may be able to add value by increasing rents, which currently sit approximately 32% below market rates for the area. The building features pitched roofs and private garages with alley access for each tenant. Future maintenance costs are significantly reduced for the new owner, as the property has full copper plumbing, a new driveway, and it does not appear on the Los Angeles Department of Building and Safety's seismic retrofit list (Buyer to verify). With excellent visibility along one of the Valley's major thoroughfares, the property has benefited from strong historical occupancy. While residents enjoy living mere blocks from the NoHo Arts District, with its myriad boutiques and trendy restaurants, they are also only one mile from the new NOHO West development, a 25-acre mixed use campus that features tenants like Trader Joe's, Regal Cinemas, Nordstrom Rack, and LA Fitness. Additionally, tenants at the property can walk to Target, Rite-Aid, CVS, and several other major retailers, which are all located within blocks of the building.
Location
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