12015 Kling St Valley Village, CA 91607
24-Unit Building in Prime Valley Village
SOLD: $7,125,000 CAP RATE: 5.54% GRM: 11.84 PRICE PER SQUARE FOOT: $297
We are pleased to announce the sale of 12015 Kling St a well maintained twenty four unit multifamily property located in prime Valley Village one of the most desirable and consistently strong rental markets in the San Fernando Valley. The asset offers an excellent unit mix consisting of sixteen two bedroom two bathroom units and eight one bedroom one bathroom units all of which feature private patios hardwood floors granite countertops and stainless steel appliances providing strong appeal for long term renters.
The property sold for $7,125,000 reflecting a 5.54% cap rate an 11.81 GRM a $296,875 price per unit and a $297 price per square foot. The building has undergone key capital improvements including a completed earthquake seismic retrofit and full copper repipe throughout ensuring long term stability and reducing future capital expenditure needs.
With approximately 28% upside in market rents the asset provides a compelling value add opportunity for a new owner. The site also offers the ability to add multiple ADUs above the existing garage structures in the rear of the property without eliminating any parking a rare advantage that enhances long term development potential.
Additional amenities include a pool an on site laundry room and units separately metered for gas and electricity contributing to efficient operating expenses. The transaction closed successfully with David Saghian representing both the buyer and the seller.
Investment Highlights
Prime Valley Village location in one of the strongest and most stable rental submarkets in the San Fernando Valley
Sold for $7,125,000 reflecting a 5.54% cap rate an 11.81 GRM a $296,875 price per unit and a $297 price per square foot
Excellent unit mix with sixteen two bedroom two bathroom units and eight one bedroom one bathroom units
Significant value add potential with approximately 28% upside in market rents
Fully repiped with copper plumbing and earthquake seismic retrofit completed
All units slightly remodeled with hardwood floors granite countertops stainless steel appliances and private patios
Ability to add multiple ADUs above the rear garages without loss of parking
Onsite laundry room and pool plus separately metered gas and electricity for all units
Buyer and seller represented by David Saghian
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com