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$8,200,000
Est. payment /mo
12 Beds
43 Baths
25,900 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 25,900 sqft
Price per Sqft $316
MLS Listing ID 26107515
Bedrooms 12
HOA Y/N No
Year Built 1977
Lot Size 1.001 Acres
Property Description
Rare opportunity to acquire Collins Garden Apartments, a 43-unit multifamily community on an expansive 43,604 SF (one-acre) LAR3 lot in the heart of Tarzana. Built in 1977, the property spans approximately 25,900 SF and features a quiet courtyard setting with a sparkling pool and sundeck, controlled access, on-site laundry, and ample surface parking, with a unit mix of 32 studios, 9 one-bedrooms, and 2 two-bedrooms many with private balconies. The offering presents two distinct paths to value: current rents average $1,511/unit against $1,800/unit at market approximately $12,444/month in loss-to-lease growing NOI from $451,140 to $595,991 and the cap rate from 5.50% to 7.27% plus the opportunity to develop the rear parking area into 8 two-bedroom/two-bath ADUs at an estimated $2,850/month each, a combined 35.1% upside potential in gross income (buyer to verify). At $190,698 per unit below the recent San Fernando Valley comp set average the property offers scale at an attainable basis in a submarket with a $107,378 median household income and $1.3M median home price. The location delivers everyday convenience: an 11-minute walk to the Metro G Line, 15 minutes on foot to the Ventura Boulevard corridor's dining and shopping, a 9-minute drive to Warner Center, and immediate 101 Freeway access. An outstanding opportunity for value-add investors seeking a stabilized, income-producing asset with multiple levers for growth in one of the San Fernando Valley's most established neighborhoods.
Location
State CA
County Los Angeles
Area Tar - Tarzana
Zoning LAR3
Interior
Heating Central
Fireplace No
Exterior
Parking Features Driveway, Guest, Oversized
Total Parking Spaces 90
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2157006008
Special Listing Condition Standard
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Listed by Jacob Plewa REMAX COMMERCIAL & INVESTMENT REALTY #02041641
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