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5505 Zelzah Avenue

Encino, CA
Price:
$10,950,000
Units:
27
GRM:
14.08
Cap Rate:
4.34
Gross Rentable Area
29,536

INVESTMENT OVERVIEW

Marcus & Millichap is pleased to present 5505 Zelzah Avenue, a 27-unit (+1NC) AB1482 rent control apartment building in prime Encino, CA. Built in 1979, the building has strong in-place income with value add potential. 5505 Zelzah Avenue has an excellent unit mix consisting of (2) one-bed/onebath (Den) units, (16) two-bed/one bath units, (8) two-bed/two bath units The renovated units feature expansive floor plans, updated finishes, and hardwood floors.

The community amenity package includes a pool,on-site laundry, courtyard, covered parking, storage areas and controlled access. With some of the units updated, the asset presents a unique opportunity to renovate and stabilize units to achieve future rental upside.

Ideally located in the heart of Encino, the asset benefits from convenient accessibility to the 101, and 405 freeways providing an easy commute to Sherman Oaks, West LA, NoHo Arts District, Studio City, Universal City, and Hollywood.

5505 Zelah Avenue is also a short walk from Ventura Boulevard, the primary east-west thoroughfare in the San Fernando Valley. Running 18 miles, Ventura Boulevard is the world’s longest avenue of contiguous businesses. It has always been a concentrated location for mom and pop shops and small businesses in the Valley; nowadays it has pockets of housing, mini malls, and shops, along with a wide assortment of businesses, schools, and other establishments. Homes south of Ventura are considered to be among the most expensive in Los Angeles County, ranging from $2 million to $50 million and home to numerous celebrities, executives, athletes, and entertainers alike.

Millenials are flocking to Encino for its convenient accessibility to high profile employment, nightlife, world-renowned restaurants, and quality housing. In January 2020, the state of California approved a law to fast track owners of apartment buildings and single family homes to add additional units on their properties as well as legally convert non conforming space (ie. Recreation Rooms, Storage Rooms etc.) into legal conforming units. This building has one non conforming unit as well as a Recreation Room currently used as storage that can most likely be legally converted to conforming units. Please contact listing agents for details.

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