The McDermott Group and LAAA Team of Marcus & Millichap is pleased to present Thirty-Three North, a 33 unit modern construction multifamily property located at 8935 Orion Ave, North Hills, CA. The property is situated in a growing and central San Fernando Valley location with quick access to the 405 freeway, allowing for easy commuting.

Built in 2017, the property is completely free from all rent control laws with the only restriction being three affordable-restricted units that are being rented out to section 8 tenants for near market rents.

Thirty-Three North boasts an excellent unit mix of (9) 1 bed / 1 bath, (21) 2 bed / 2 bath, and (3) 3 bed / 2 bath units, with an average unit size of 726, 1,034, and 1,374 square feet, respectively. Each of these units offer bright and open floor plans, stainless steel appliance packages, in-unit washer and dryer, and each unit has a private balcony to enjoy sprawling views of the Valley. Also, the property has elevator access to all floors, a secured intercom entry, gated parking lot, conference room, and an outdoor BBQ area.

The property has individual meters for all utilities, including water, meaning the tenants pay for their own electric, gas, and water bills. The landlord is only responsible for common area utilities which is very minimal (about $600 per month) and the building's trash removal services.

There is an attractive assumable loan with about 3 years remaining on the fixed term. The current loan balance is about $6,400,000 (about 50% loan to value) which comes with a 4.64% interest rate.

This offering is perfect for the investor looking for a safe, inflation-resistant, fully non-rent-controlled property which requires very little management effort.

INVESTMENT HIGHLIGHTS

33 Units | Built in 2017 | North Hills

Priced Below Replacement Cost

Property is Individually Metered for ALL Utilities

Not Subject to Any Rent Control | 3 Affordable Units Rented to Section 8

Large and Bright Units | Modern Open Floor Plans | Private Balconies

Great Unit Mix: (9) 1 bed / 1 bath, (21) 2 bed / 2 bath, and (3) 3 bed / 2 bath

Attractive Assumable Financing: $6,400,000 Loan Balance, 4.64% Interest Rate