4454 Coldwater Canyon Ave Studio City, CA 91604
15-Unit Multifamily in Studio City
SOLD: $7,000,000 CAP RATE: 3.95% GRM: 15.95 PRICE PER SQUARE FOOT: $339
We are pleased to announce the off market sale of 4454 Coldwater Canyon a fifteen unit multifamily property featuring a recorded Covenant Tract Map for fifteen condominium units. The property sold for $7,000,000 which equates to $466,666 per unit and $339 per square foot. At the time of sale the asset reflected a 3.95% cap rate and a 15.95 GRM.
Located in an irreplaceable Studio City pocket the building is ideally positioned between Sherman Oaks Valley Village and Toluca Lake. This central location provides residents with immediate access to premium dining grocery shopping and entertainment options along Ventura Boulevard and throughout the surrounding neighborhoods.
The asset offers an excellent unit mix of fifteen large two bedroom two bathroom units. Built in 1988 the property is non rent controlled and allows for 8.8% annual rent increases. All units are separately metered for gas and electricity which keeps operating expenses efficient. With existing rents well below market levels the property offered a significant value add opportunity with over 40% upside in achievable market rents.
The transaction was completed entirely off market. The buyer submitted an all cash offer and closed in 10 days demonstrating strong execution and certainty. The buyer was represented by David Saghian.
Investment Highlights
Recorded Covenant Tract Map approved for 15 future condominium units creating a rare exit strategy
Prime Studio City location situated between Sherman Oaks Valley Village and Toluca Lake
Excellent unit mix consisting of 15 large 2 bedroom and 2 bathroom units
Non rent controlled property built in 1988 allowing for 8 % annual rent increases
Significant value add potential with over 40 % upside in achievable market rents
Units separately metered for gas and electricity providing efficient operating expenses
Attractive sale metrics including a $7,000,000 price a $466,666 price per unit a $339 price per square foot a 3.95 % cap rate and a 15.95 GRM
Highly desirable off market transaction with an all cash buyer and a 10 day close
Exclusively Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com