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5505 Zelzah Ave.

Encino, CA 91316
  • $12,000,000
  • STATUS: Active
  • ON SITE: 33 Days
  • ID#: SR22041486
$12,000,000
  • 0
    BEDS
  • 0.49
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1979
County:
Area:

School Ratings & Info

Listing Agent(s): Vincent Norris of Vincent B Norris, Inc. (818-615-1600)


Description

Northmarq is pleased to offer for purchase 5505 Zelzah. The community is located in the highly sought-after Encino submarket of theSan Fernando Valley. 5505 Zelzah has been expertly renovated and maintained by current ownership. The community consists of 29apartment homes (27 existing units + 2 ADUs currently under construction with certificate of occupancy expected by the end of March 2022).In January 2020, the state of California approved a law to expedite the process for owners of multifamily properties and single family homesto add additional units to their properties. Property owners can now quickly and legally convert existing non conforming spaces such asrecreation rooms, storage rooms, fitness centers, and others to legal conforming units. At 5505 Zelzah, there are currently two spaces on theproperty that have been identified as spaces meeting the criteria for approved additional units. Current ownership has completed theapproval process and permits are ready to be issued.Built in 1979, the property offers a strong unit mix of large floor plans consisting of (2) one-bed/one bath units, (15) one-bed/one bath unitswith den (1) two-bed/one bath unit, and (9) two-bed/two bath units. Renovated units offer stylish finishes, hardwood styled floors, granite orquartz counters, and stainless steel or black appliances. The additional conversion units will be a Single and a One Bedroom/One Bathroom.Resident amenities include a pool, on-site laundry, courtyard, covered parking, storage areas and controlled access entry door and gates.Located minutes drive from the 101 freeway and Ventura Boulevard, residents have quick access to the San Fernando Valley's premiercommercial corridor and nearby employment centers. 5505 Zelzah residents, are walking distance to the numerous shopping, dining,entertainment and major employment centers of Encino and Tarzana and over 7,500,000 square feet of office space and 2,300,000 square feetof retail dominate Ventura Boulevard.Encino is a major business district for the healthcare and financial sectors, and is home to approximately 3,800 business employing over27,000 people. Other nearby employment hubs include Warner Center, Universal City, North Hollywood, Burbank, and Hollywood.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-24T00:28:42.57. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
www.legacy15.com/homes/127890962
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5505 Zelzah Ave. Encino, CA 91316

  • Price: $12,000,000
  • Status: Active
  • On Site: 33 Days
  • ID#: SR22041486
0
Beds
0
Baths
0
½ Baths
0.49
Acres
1979
Built
Neighborhood:
ENC - Encino
County:
Los Angeles
Area:
ENC - Encino
Property Description
Northmarq is pleased to offer for purchase 5505 Zelzah. The community is located in the highly sought-after Encino submarket of theSan Fernando Valley. 5505 Zelzah has been expertly renovated and maintained by current ownership. The community consists of 29apartment homes (27 existing units + 2 ADUs currently under construction with certificate of occupancy expected by the end of March 2022).In January 2020, the state of California approved a law to expedite the process for owners of multifamily properties and single family homesto add additional units to their properties. Property owners can now quickly and legally convert existing non conforming spaces such asrecreation rooms, storage rooms, fitness centers, and others to legal conforming units. At 5505 Zelzah, there are currently two spaces on theproperty that have been identified as spaces meeting the criteria for approved additional units. Current ownership has completed theapproval process and permits are ready to be issued.Built in 1979, the property offers a strong unit mix of large floor plans consisting of (2) one-bed/one bath units, (15) one-bed/one bath unitswith den (1) two-bed/one bath unit, and (9) two-bed/two bath units. Renovated units offer stylish finishes, hardwood styled floors, granite orquartz counters, and stainless steel or black appliances. The additional conversion units will be a Single and a One Bedroom/One Bathroom.Resident amenities include a pool, on-site laundry, courtyard, covered parking, storage areas and controlled access entry door and gates.Located minutes drive from the 101 freeway and Ventura Boulevard, residents have quick access to the San Fernando Valley's premiercommercial corridor and nearby employment centers. 5505 Zelzah residents, are walking distance to the numerous shopping, dining,entertainment and major employment centers of Encino and Tarzana and over 7,500,000 square feet of office space and 2,300,000 square feetof retail dominate Ventura Boulevard.Encino is a major business district for the healthcare and financial sectors, and is home to approximately 3,800 business employing over27,000 people. Other nearby employment hubs include Warner Center, Universal City, North Hollywood, Burbank, and Hollywood.
Exterior Features

Lot Features 26-30 Units/Acre Number Of Separate Electric Meters 27 Parking Total 51 Pool Features Community Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls Fireplace Features See Remarks Fireplace YN Yes

Property Features

Additional Parcels YN No Cap Rate 3.63 Common Interest Community Apartment Community Features SuburbanPool Electric Expense 12167 Fuel Expense 0 Garage YN Yes Gross Income 745819 Gross Scheduled Income 749076 Insurance Expense 16369 Land Lease YN No Laundry Features Laundry Room Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Trade Net Operating Income 435523 New Construction YN No Number Of Separate Gas Meters 27 Number Of Separate Water Meters 0 Operating Expense 310297 Rent Control YN No Senior Community YN No Sewer None Special Listing Conditions Standard Trash Expense 7946 Utilities Sewer Not AvailableWater Not Available Water Sewer Expense 23167 Water Source None



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-24T00:28:42.57. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Legacy 15 Real Estate Brokers. Licensed in the State of California, USA.
 
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Listing Agent(s): Vincent Norris of Vincent B Norris, Inc. (818-615-1600)