13951 Moorpark St, Los Angeles, CA 91423

Marcus & Millichap, as the exclusive advisor to the seller, is pleased to present the opportunity to acquire The New Yorker, a 34-unit apartment building located on Moorpark Street in Sherman Oaks. The New Yorker represents a rare buying opportunity given its prime location in Sherman Oaks and sizable unit count.

The New Yorker is a 34-unit value-add opportunity located in Sherman Oaks, an affluent neighborhood of the San Fernando Valley known for excellent rent growth and low vacancy rates. The property has a tremendous unit mix with over 82% of the apartments being two and three bedroom units. The apartments are extremely spacious with a great potential of raising the income as tenants vacate and owner upgrades units. The property is priced below replacement cost at $230 a sq. ft.

The subject property is one of only 30 properties in Sherman Oaks that are larger than 30 units located on or south of Moorpark Street. On average, there is less than one opportunity to acquire such a property in Sherman Oaks each year.

The common areas include a swimming pool, central courtyard, sundeck, 34 gated parking spaces, elevator, and onsite laundry room (three washers/three dryers). Most units have private patios or balconies.