5060 Bakman Avenue

Description

5060 Bakman Avenue is a rare 14-unit multifamily property spanning 6,900 SF, located in the vibrant heart of North Hollywood. The unit mix comprises (14) 1 Bed + 1 Bath units, with 3 units delivered vacant, providing potential for immediate occupancy or strategic repositioning. Located on an 11,250 SF lot and Zoned LAR4 within a TOC zone, paves the way for potential development opportunities. For added convenience, the property also features 14 assigned parking spaces on a large, paved parking lot, and an on-site laundry room.The property provides the opportunity to reposition and upgrade the apartment building to capture premium market rents. Once stabilized, investors can anticipate an 8%+ Cap Rate and a 13.8 +/- GRM. With the potential to scale operations and optimize expenses, there's a tangible opportunity to achieve an even higher rate of return. This makes 5060 Bakman Avenue a valuable addition to any savvy investor's portfolio, especially in the highly coveted NOHO district, which consistently witnesses rental growth and attracts a steady influx of new residents each year.Residents are drawn to this North Hollywood enclave for its trendy dining spots, as well as its eclectic shopping destinations and abundant local employment opportunities. The property's location ensures residents have unparalleled access to parking and public transportation, facilitating seamless commutes to prominent areas like Studio City, Valley Village, Toluca Lake, Hollywood, Universal City, DTLA, and Sherman Oaks.