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5238 Hermitage, Valley Village, California 91607, Valley Village, 91607 - bed, bath

5238 Hermitage, Valley Village, California 91607 home-pic-0
ACTIVE$1,500,000
5238 Hermitage, Valley Village, California 91607
0Bed
0Bath
1,885Sqft
8,197Lot
Year Built
1951
Close
-
List price
$1.5M
Original List price
$1.5M
Price/Sqft
$796
HOA
-
Days on market
-
Sold On
-
MLS number
EV24194533
Home ConditionPoor
Features
Patio
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.50M(50th), sqft - 1885(50th), beds - undefined(50th), baths - undefined(50th).

Outstanding Investment OPPORTUNITY!! 5238 Hermitage is a Multi-Family Triplex located in the highly desirable Valley Village Community. The property consists of (3) one bedroom, one bath units, each having use of a detached (3) car garage. This quaint property was built in 1951 and has a lot size of approximately 8,197 square feet with a total rentable space of 1,885. The site is level and the development potential is great. Options may be available to improve the property or re-develop the site, with a significant density boost. Buyer to verify all City, State Codes and Programs available for re-development. The Valley Village community is an area that is rich in culture and traditions and is located with easy access to public transportation, metro link, and a variety of shopping centers, churches, schools and restaurants. This property and the surrounding area features established small to multi-family projects, which are close to the 101, 170 and 134 Freeways. Don't miss out on this exceptional opportunity!! Property is being sold in it's current 'As Is" condition without any repairs or relocation of tenants. Buyer to do their own due dilligence.

Nearby schools

7/10
Burbank Boulevard Elementary School
Public,•K-5•0.3mi
6/10
John B. Monlux Elementary School
Public,•K-5•1.1mi
6/10
Lankershim Elementary School
Public,•K-5•1.3mi
6/10
Erwin Elementary School
Public,•K-5•1.8mi
7/10
Rio Vista Elementary School
Public,•K-5•2.3mi
6/10
Walter Reed Middle School
Public,•6-8•1.2mi
5/10
James Madison Middle School
Public,•6-8•2.4mi
8/10
North Hollywood Senior High School
Public,•9-12•0.7mi
6/10
Ulysses S. Grant Senior High School
Public,•9-12•1.2mi

Price History

Date
Event
Price
09/18/24
Listing
$1,500,000
Condition Rating
Poor
Built in 1951, this property is being sold 'As Is' with no repairs, indicating significant deferred maintenance. The absence of interior photos for the kitchen and bathrooms, combined with visible exterior neglect (dry landscaping, faded paint, window AC units), strongly suggests the interior is outdated and requires substantial repairs and rehabilitation. The listing's emphasis on 'development potential' further implies the existing structure is not the primary value.
Pros & Cons

Pros

Prime Investment Opportunity: This multi-family triplex offers an outstanding investment opportunity, providing three distinct income streams in a highly sought-after area.
Exceptional Development Potential: The property boasts a substantial 8,197 sqft level lot with significant potential for re-development and a density boost, appealing to long-term investors or developers.
Highly Desirable Valley Village Location: Situated in the desirable Valley Village community, the property offers excellent access to public transportation, major freeways (101, 170, 134), shopping, schools, and amenities, ensuring strong rental demand.
Individual Garages for Each Unit: Each of the three one-bedroom units benefits from the use of a detached garage, a valuable amenity that enhances tenant appeal and potential rental income.
Established Multi-Family Area: The surrounding area features established small to multi-family projects, indicating a proven market for this property type and potential for stable occupancy.

Cons

Sold 'As-Is' Condition: The property is being sold in its current 'As Is' condition without any repairs or tenant relocation, which implies potential for immediate capital expenditures for renovations or deferred maintenance, and the buyer assumes existing tenant management.
Age of Property: Built in 1951, the property is over 70 years old, suggesting that systems (plumbing, electrical) and finishes may be outdated and could require significant upgrades to meet modern standards or maximize rental income.
Buyer Responsibility for Redevelopment Verification: While development potential is highlighted, the listing explicitly states that the buyer must verify all City and State Codes for re-development, placing the burden, cost, and risk of feasibility entirely on the purchaser.

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