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12958 Valleyheart DR Studio City, CA 91604
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Key Details
Sold Price $5,900,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 15,293 sqft
Price per Sqft $385
MLS Listing ID SR22074354
Sold Date 09/30/22
Style Mid Century Modern
Construction Status Additions/Alterations,Fixer,Repairs Cosmetic
HOA Y/N No
Year Built 1962
Lot Size 0.544 Acres
Acres 0.5443
Property Sub-Type Apartment
Property Description
Value-Add Opportunity! 16 Unit Mid-Century Retro Garden Style Apartments in Prime Class "A" Location. Studio City is known as "The Jewel of The Valley". Close to New $100 Million Dollar Project-Shops at Sportsman's Lodge and $500 Million Dollar Project by Midwood. 1 block to Iconic Ventura Blvd & Ralphs Market. Close to Best Restaurants, Golf & Tennis Courts, Riverwalk Etc. Large units with Homestyle living and great privacy. Approx. 15,293 sf on .54 Acres (23,710) plus LAR-3 Zone. First time on the market in over 57 years! A Rare Opportunity for Investors to purchase a 16 Unit building with 8-Units Unrented & Decontrolled plus Rent Ready. 8- additional Units are rented 60% under market subject to Rent Control. New owners can immediately rent 8- units and achieve Maximum Rents. Great Unit Mix with 2- 3Br+2Ba, 3- 2Br+2Ba, 11-1Br+1Ba. 3 Bedroom Unit ideal for owners. Note! Current Rents on Financial Statement reflects all Units Rented and at Fair Market Rent but is Projected Income. New owner can Add Value through Capital Improvements, Increased Depreciation & Rent Growth. Also, a possibility to build up to 29 Units on current R-3 Zone. (Buyer to Verify). There's an 18 x40 Olympic Style heated pool, separate laundry room, separate yards, balconies, open floor plans, views, vaulted ceilings, large closets, built-ins, hardwood floors and fireplaces in many units. Separate Gas & Electric Meters. Soft Story Retrofit has been completed and 100% Copper Plumbing. 21 car parking with 11 covered. This is a Rare Find & Opportunity in Class "A" Location. Hurry!!
Location
State CA
County Los Angeles
Area Stud - Studio City
Zoning LAR3
Rooms
Other Rooms Kitchen, Living Room, Main Floor Bedroom
Interior
Interior Features Balcony, Cathedral Ceiling(s), Copper Plumbing Full, High Ceilings, Living Room Balcony, Open Floorplan, Storage
Heating Central, Fireplace(s), Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Carpet, Vinyl, Wood
Fireplaces Type Living Room, Gas, Gas Starter
Fireplace 1
Appliance Built-In Range, Dishwasher, Disposal, Gas Oven, Gas Range, Gas Cooktop, High Efficiency Water Heater, Hot Water Circulator, Range Hood
Laundry Common Area, Dryer Included, Washer Included
Exterior
Parking Features Carport, Covered, Asphalt, Guest, On Site, Uncovered
Fence Fair Condition, Needs Repair, Wood
Pool Private, Fenced, Gunite, Heated, Tile
Community Features Curbs, Golf, Park, Mountainous, Valley
Utilities Available Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Waterfront Description River Front
View Y/N 1
View Mountain(s), Neighborhood, Pool, River, Valley
Roof Type Tar/Gravel
Handicap Access Doors - Swing In, Parking
Private Pool Yes
Building
Lot Description Back Yard, Garden, Landscaped, Lawn, Level with Street, Lot 20000-39999 Sqft, Rectangular Lot, Level, Near Public Transit, Park Nearby, Paved, Secluded, Sprinkler System, Value In Land, Yard
Story 2
Foundation Slab
Sewer Public Sewer, Sewer Paid
Water Public
Architectural Style Mid Century Modern
Level or Stories Two
New Construction No
Construction Status Additions/Alterations,Fixer,Repairs Cosmetic
Others
Senior Community No
Security Features Fire and Smoke Detection System,Resident Manager,Smoke Detector(s)
Acceptable Financing None
Listing Terms None
Financing None
Special Listing Condition Standard, Trust
Lease Land No
Confidential INFO
BAC 1.0
TERMS Conventional,Submit
LIST AGRMT Exclusive Right To Sell
LIST SERVICE Full Service
SHOW CONTACT TYPE Agent
SHOW INSTRUCTIONS Drive by only! Contact Listing agent for Detailed Offering Memorandum before writing. All Offers are subject to inspection and showing proof of funds. Please allow at least 7 bus days to respond to all offers.
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Bought with Clear Cut Realty