NOT LISTED FOR SALE

10944 Bluffside Dr Studio City, CA 91604

-- Bed
40 Baths
20,628 Sq Ft
0.62 Acres

Last Sold October 18, 2017

Last sale price $12,600,000 $611 Per Sq Ft

21 Days on Market

Highlights

  • 26,949 Sq Ft lot
  • Open Floorplan
  • Wood Flooring
  • Rio Vista Elementary Rated A-
  • Property is near public transit
  • Spanish Architecture

About This Home

As of October 2017

Prime Studio City Location just steps from Ventura Blvd. Rare Opportunity to acquire a classic Hacienda style 40 unit Apartment Building on R-4 high density property. This Complex was built in 1983 and is NOT subject to rent control allowing for significant and immediate rental upside. Well maintained and freshly painted this building features 40 Studio/Jr 1 Bedroom units which are ALWAYS in HIGH DEMAND. Present Owners have extensively remodeled 23 of the 40 units proving new rent rates. Upgrades included new paint, new wood floors, new tiled floors in kitchen and bath, new appliances, new bathrooms and more. All units have full kitchens with refrigerator, freestanding gas stove, microwave, stainless steel sink, garbage disposal and breakfast bar. Most units have gas fireplaces and nearly half have patios or balconies. Low maintenance building keeps expenses down. Community laundry on premises. Close to all Major Studios, Freeways and Metro. A “Once in a Life time” offering.

Last Agent to Sell the Property

Ellen Model

Berkshire Hathaway HomeServices California Properties License #00921430 Listed on: 06/29/2017

Berkshire Hathaway HomeServices California Properties

Last Buyer's Agent

Ellen Model

Berkshire Hathaway HomeServices California Properties License #00921430 Listed on: 06/29/2017

Berkshire Hathaway HomeServices California Properties

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1983

Lot Details

  • 0.62 Acre Lot
  • Two or More Common Walls
  • Cul-De-Sac
  • Rectangular Lot
  • Paved or Partially Paved Lot
  • Level Lot
  • Front Yard Sprinklers
  • Sprinklers on Timer

Home Design

  • Spanish Architecture
  • Apartment
  • Turnkey
  • Flat Roof Shape
  • Slab Foundation
  • Fire Rated Drywall
  • Spanish Tile Roof
  • Copper Plumbing
  • Stucco

Interior Spaces

  • 20,628 Sq Ft Home
  • 2-Story Property
  • Open Floorplan
  • Ceiling Fan
  • Skylights
  • Decorative Fireplace
  • Gas Fireplace
  • Window Screens
  • Sliding Doors
  • Living Room with Fireplace

Kitchen

  • Gas Range
  • Microwave
  • Laminate Countertops
  • Disposal

Flooring

  • Wood
  • Carpet
  • Tile
  • Vinyl

Bedrooms and Bathrooms

  • Mirrored Closets Doors
  • 40 Bathrooms

Laundry

  • Laundry Room
  • Leased Washer and Dryer

Home Security

  • Carbon Monoxide Detectors
  • Fire and Smoke Detector

Parking

  • 37 Open Parking Spaces
  • 40 Parking Spaces
  • 3 Carport Spaces
  • Parking Available
  • Side by Side Parking
  • Parking Lot
  • Assigned Parking

Outdoor Features

  • Exterior Lighting
  • Rain Gutters

Utilities

  • Cooling System Mounted To A Wall/Window
  • Air Source Heat Pump
  • Natural Gas Connected
  • Central Water Heater

Additional Features

  • No Interior Steps
  • Property is near public transit

Listing and Financial Details

  • Tenant pays for cable TV, electricity, gas, telephone
  • Tax Lot 30
  • Tax Tract Number 3434
  • Assessor Parcel Number 2366022059

Community Details

Overview

  • No Home Owners Association
  • 40 Units

Building Details

  • 40 Leased Units
  • 41 Separate Electric Meters
  • 41 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $2,467
  • Fuel Expense $3,498
  • Gardener Expense $3,360
  • Insurance Expense $7,287
  • Maintenance Expense $14,498
  • Other Expense $1,648
  • Pest Control $1,320
  • Professional Management Expense $36,246
  • Supplies Expense $240
  • Trash Expense $5,519
  • Water Sewer Expense $11,134
  • New Taxes Expense $154,840
  • Operating Expense $243,618
  • Gross Income $3,274
  • Net Operating Income $473,702

Additional Features

  • Laundry Facilities
  • Resident Manager or Management On Site

Property Details

Home Type

Multi-Family

Year Built

Built in 1983

Lot Details

0

Listing Details

  • Assessments: Yes
  • CapRate: 3.65
  • Professional Management Expense: 36246.00
  • Property Attached: Yes
  • Road Frontage Type: City Street
  • Road Surface Type: Alley Paved, Maintained, Paved
  • Security: Carbon Monoxide Detector(s), Resident Manager, Smoke Detector(s)
  • Supplies Expense: 240.00
  • Water Sewer Expenses: 11134.00
  • Zoning: LAR4
  • Architectural Style: Spanish
  • Property Condition: Turnkey
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 3360.00
  • Parcel Number: 2366022059
  • Year Built: 1983
  • Special Features: None

Interior Features

  • Fireplace: Yes
  • Interior Amenities: Ceiling Fan(s), Copper Plumbing Full, Laminate Counters, Open Floorplan
  • Stories: 2
  • Common Walls: 2+ Common Walls
  • Flooring: Carpet, Tile, Vinyl, Wood
  • Accessibility Features: No Interior Steps
  • Appliances: Yes
  • Door Features: Mirror Closet Door(s), Sliding Doors
  • Fireplace Features: Living Room, Gas, Decorative
  • Levels: Two
  • Price Per Square Foot: 610.82
  • Window Features: Screens, Skylight(s)

Exterior Features

  • Foundation: Slab
  • Exterior Features: Lighting, Rain Gutters
  • Fence: No
  • Pool Private: No
  • Roof: Flat, Spanish Tile
  • Spa: No
  • Construction Materials: Drywall Walls, Stucco

Garage/Parking

  • Carport Spaces: 3.00
  • Parking: Yes
  • Parking Features: Assigned, On Site, Parking Space, Side by Side
  • Total Parking Spaces: 40.00
  • Uncovered Spaces: 37.00

Utilities

  • Utilities: Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Disposal, Gas Range, Microwave, Refrigerator, Water Heater Central
  • Electric: Standard
  • Heating Type: Heat Pump
  • Laundry Features: Community
  • Pest Control Expense: 1320.00
  • Sewer: Public Sewer
  • Trash Expense: 5519.00
  • Water Source: Public
  • Cooling: Wall/Window Unit(s), Heat Pump
  • Cooling: Yes

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Curbs, Gutters, Sidewalks, Street Lights

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Cul-De-Sac, Lot 20000-39999 Sqft, Rectangular Lot, Level, Near Public Transit, Paved, Sprinklers In Front, Sprinklers Timer
  • Lot Size Sq Ft: 26949.00

Rental Info

  • Tenant Pays: Cable TV, Electricity, Gas, Telephone

Multi Family

  • Average Studio Area: 500 Square Feet
  • Electric Expense: 2467.00
  • Fuel Expense: 3498.00
  • Gross Income: 3274.00
  • Gross Multiplier: 17.90
  • Gross Operating Income: 717320.00
  • Gross Scheduled Income: 728194.00
  • Insurance Expense: 7287.00
  • Laundry Equipment Own Lease: Lease
  • Maintenance Expense: 14498.00
  • Maintenance Percent: 2.00
  • Net Operating Income: 473702.00
  • Number Of Separate Electric Meters: 41
  • Number Of Separate Gas Meters: 41
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 40
  • Number Of Units Total: 40
  • Number With Carpet: 17
  • Number With Disposal: 40
  • Number With Drapes: 23
  • Number With Patio: 21
  • Number With Range: 40
  • Number With Refrigerator: 40
  • Operating Expense: 243618.00
  • Operating Expense Percent: 34.00
  • Other Expense: 1648.00
  • Other Expense Description: Misc
  • Other Income1: 3274.00
  • Other Income Description: Laundry/Screening fees/ late
  • Rent Control: No
  • Total Actual Rent: 724920.00
  • Total Expenses: 243618.00
  • Vacancy Allowance Rate: 1.50

Tax Info

  • New Taxes Expense: 154840.00
  • Tax Census Tract: 1436.04
  • Tax Lot: 30
  • Tax Tract Number: 3434

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
10/18/2017 10/18/17 Sold $12,600,000 -3.0% $611 / Sq Ft
07/20/2017 07/20/17 Pending -- -- --
06/29/2017 06/29/17 For Sale $12,990,000 -- $630 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Ellen Model

    Seller's Agent in 2017

    Ellen Model

    Berkshire Hathaway HomeServices California Properties

    (818) 292-5413

    1 in this area

    21 Total Sales

    Ellen Model
    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SR17146891

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Studio City 91604

10944 Bluffside Dr, Studio City, CA

Not Listed for Sale

MultiFamily

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