Active
14556 Magnolia Boulevard
Sherman Oaks CA, 91403
$10,950,000
$279.35 per sqft
Active
35 Beds
50 Baths
39,198 sqft
Residential
Built in 1961
Listed by Matthew Ziegler with Marcus & Millichap 818-212-2738
***PRICE REDUCED $550,000*** We are pleased to present the Terraces at the Summit, a 50-unit value add apartment building located at 14556 Magnolia Boulevard in Sherman Oaks, California. Current rents are approximately 22% under market providing a new investor the opportunity to renovate units and common areas in order to maximize rental income. Built in 1961, the property features a favorable unit mix consisting of (17) studio/one-bathroom units and (33) one-bedroom/one-bathroom units. Units feature wood flooring, granite countertops, dishwasher, microwave and floor to ceiling living room windows (select units). Property amenities include secured access, pool, grill/picnic area, lounge, fitness center, laundry facility, elevator and gated subterranean parking. The 39,198 square foot building sits on a large 0.57 acre lot that is LAR3 zoned. The Terraces at the Summit is located in Sherman Oaks, one of the best rental submarkets in Los Angeles County with historically low vacancy rates. The property is in close proximity to grocery stores, restaurants and retail on Van Nuys Boulevard as well as vibrant cafes, fine dining, high-end chic retail and nightlife on nearby Ventura Boulevard. The property is conveniently located near the 405 and 101 freeways and just a short drive to major job centers such as Woodland Hills, Encino, North Hollywood, Burbank and Glendale.
24427717
MLSⓇ ID
August 14, 2024
Listed
September 28, 2024
Updated
Map
14556 Magnolia Boulevard
Sherman Oaks CA, 91403
Interior Features
Total Stories
3
Bedrooms
35
Total Bathrooms
50
Fireplace
No
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Size
0.57 Acres
Other Property Details
Area Name
SO - Sherman Oaks
Days on Market
37
Garage
No
Parking
Covered
Parking Total
0
View
No
County
Los Angeles
Pool
No
Zoning
LAR3
Listing History
Date | Event | Price |
---|---|---|
9/20/2024 | Price change | $10,950,000 -5% |
Listing Contact: 818-212-2700
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 9/28/2024. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 9/28/2024 at 9:15 AM UTC