17800 Magnolia Blvd, Encino, CA 91316

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Property Description

We are proud to present Marlborough House, a 21-unit garden apartment development located at 17800 Magnolia Blvd, Encino, CA. The sellers purchased this property in 1964 (59 years ago) from the original developers, the Lushing Brothers, making this the first time this property has ever been listed for sale. This 21-unit apartment building sits on a large, half-acre corner-lot with a total building square footage of 18,004. The property boasts a strong unit mix with (10) 1 bed / 1 bath units and (11) 2 bed / 2 bath units. Every unit has at least one private balcony or patio and four of the units have two private balconies or patios each. Furthermore, all units have their own central HVAC system, contain walk-in closets or full-wall-length closets at least six-feet wide, and ample storage in the hallways/kitchens/living rooms. Also, all units have updated low-flow toilets and water conserving fixtures, and about one-third of the windows and sliding doors have been replaced with energy efficient windows. Approximately a third of the units have had their kitchen and/or bathroom partially or fully updated. The property is extremely secure with a 14-camera, closed circuit security system, a front entry security door with callbox, a fully enclosed/gated perimeter, and an automatic gate opener leading to the 19-space parking lot. Two other off-street parking spaces bring the total number of parking spaces to 21. The property also offers its tenants amenities such as a gated swimming pool, lounging area next to the pool, and an enclosed laundry room with plenty of washers and dryers. Most of the property's major systems have been completely replaced and updated over the past handful of years. Most notably, the property has 100% copper plumbing throughout, a new roof that was replaced in the past 5 years, fully updated electrical panels and subpanels in 2022, a solar water heater, and the mandatory soft story retrofitting was completed with permits in 2019.This ideally located property is a perfect value add investment without the worry of significant deferred maintenance. A savvy investor will be able to capitalize on the nearly 40% upside potential in rents plus the clear and easy path to convert the property's large storage room into an ADU, which would make this a 22-unit property.

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Courtesy of , Filip Niculete - CA DRE#

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