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SOLD 8/3/2022

8926 Orion Avenue, North Hills, CA 91343$5,600,000

10
beds
7
baths
33348
ft2
· 38398
ft2 lot
$204 / ft2

Listing provided courtesy of Listing Broker: Adam Zunder, Iconic Investments
Source CRMLS;
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Orion Apartments, located at 8926 Orion Ave. in the North Hills submarket of the San Fernando Valley. On the market for the 1st time in over 30 years, this true value-add opportunity will allow a new Buyer to capture 50+% upside in rents. Built in 1964, the Orion Apartments features a unit mix of 4-1 Bedroom/1 Bath, 11-2 Bedroom/1 Bath, 10-2 Bedroom/1.5 Bath, 9-2 Bedroom/2 Bath and 1-3 Bedroom/2 Bath. The building is individually metered for gas and electric, and has one main water heater that services all units. A mixture of tuck-under and carport parking offers tenants 6 tandem and 26 individual spaces to accommodate a total number of 38 cars. The earthquake retrofit work has been completed. The Los Angeles Housing Department citied the building for plumbing work that was done years ago without a permit. The notice to comply was not corrected within the specified time causing the property to go into REAP. As a result of the citation the building was completely replumbed with all new copper plumbing in 2022. As of June 2022, the property has been taken out of REAP and cleared of all citations. Please contact listing agents for full Offering Memorandum.

HOA

$0/month

On market

20 days

Year built

1964

Property type

Multi-Family

Parking

38

MLS

22173715

Price / Sq.Ft.

$204 / ft2

Status

Closed

Buyer’s Brokerage Commission

2.25%

Home details for 8926 Orion Avenue

Interior Features & Layout
Heating & Cooling
•   
Has Heating
•   
Heating Details: Wall Furnace
•   
Cooling Details: Wall/Window Unit(s)
Interior Size
•   
Building Area Total: 33348.00
Property, Lot, Community & Exterior Features
Parking Info
•   
Parking Available: 1
•   
Parking Features: Tandem Garage, Carport, Uncovered
Building Info
•   
Zoning: LAR3
•   
Stories Total: 2
Community Info
•   
Number Of Buildings: 1
•   
Total Units: 35
Lot Info
•   
Lot Size Acres: 0.8815
•   
Lot Size Dimensions: 128x300
•   
Lot Size Area: 38398.0000
•   
Lot Size Units: Square Feet
Listing Details, Costs & Financing Information
Financial Info
•   
Gross Operating Income: 476394.00
•   
Vacancy Allowance Rate: 0.00
•   
Total Expenses: 343348.00
•   
Gross Multiplier: 14.12
•   
Rent Control Yn: 1
Tax/Assessment Info
•   
Gross Income: 481554.00
•   
Tax Year: 2021
•   
Taxes: 99742.21
Lease Info
•   
Net Operating Income: 133045.00
Listing Info
•   
Status: Closed
Multi Unit Information
Unit 3 Information
•   
Unit 3 Bedrooms: 2
•   
Unit 3 Actual Rent: 1122.00
•   
Unit 3 Total Units: 10
•   
Unit 3 Furnished Units: Unfurnished
•   
Unit 3 Bathrooms: 1
•   
Unit 3 Total Rent: 11223.00
Unit 2 Information
•   
Unit 2 Actual Rent: 1182.00
•   
Unit 2 Bedrooms: 2
•   
Unit 2 Total Units: 11
•   
Unit 2 Furnished Units: Unfurnished
•   
Unit 2 Bathrooms: 1
•   
Unit 2 Total Rent: 12999.00
Unit 1 Information
•   
Unit 1 Bedrooms: 1
•   
Unit 1 Total Units: 4
•   
Unit 1 Furnished Units: Unfurnished
•   
Unit 1 Bathrooms: 1
•   
Unit 1 Actual Rent: 1069.00
•   
Unit 1 Total Rent: 4276.00
Unit 4 Information
•   
Unit 4 Actual Rent: 1168.00
•   
Unit 4 Total Units: 9
•   
Unit 4 Furnished Units: Unfurnished
•   
Unit 4 Total Rent: 10508.00
•   
Unit 4 Bathrooms: 2
•   
Unit 4 Bedrooms: 2
Unit 5 Information
•   
Unit 5 Actual Rent: 1124.00
•   
Unit 5 Total Units: 1
•   
Unit 5 Furnished Units: Unfurnished
•   
Unit 5 Total Rent: 1124.00
•   
Unit 5 Bathrooms: 2
•   
Unit 5 Bedrooms: 3
Multi Unit Information
•   
# Of Units: 13
School Neighborhood & Directions
School Info
•   
Directions: Located in North Hills, east of the 405 freeway, north of Parthenia St., south of Nordhoff St., and west of Sepulveda Blvd.
Other
Calculation
•   
Dom: 21

Property History for 8926 Orion Avenue

08/03/2022
08/03/2022
CRMLS #22173715
sold
CRMLS #22173715
$5,600,000
--17.65%
07/20/2022
07/20/2022
CRMLS #22173715
pending
CRMLS #22173715
$6,800,000
06/29/2022
06/29/2022
CRMLS #22173715
active
CRMLS #22173715
$6,800,000

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