We are pleased to present 5027-5033 Buffalo Avenue, a 12-unit multifamily property located in the affluent community of Sherman Oaks, California. With an outstanding unit mix, including mostly two and three bedroom apartments, the property is well-positioned for an investor to capitalize on recent rent growth in the submarket with roughly 44% upside in rents . Constructed in 1961, the two buildings occupy an 11,691 square foot lot near the intersection of Riverside Drive and Woodman Avenue. The property has undergone several upgrades in the past, including new roofs on both buildings, newer exterior paint, and a new modern fence creating a private yard for one of the apartments. Seismic retrofitting has been completed along with select interiors that have been renovated, including some combination of luxury vinyl plank flooring, recessed lighting, quartz countertops, new cabinets, stainless steel appliances, upgraded bathrooms, ceiling fans, and a washer/dryer unit. The on-site laundry facilities are landlord-owned, allowing for a substantial amount of additional income. Located just north of the Westfield Fashion Square and Notre Dame High School, the property sits mere blocks from the boutiques and bistros of prestigious Ventura Boulevard.
Courtesy of Sevak Keshishian, Marcus & Millichap
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Data last updated 10/5/22