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$ 2,725,000
Est. payment /mo
Price Dropped by $875K
5223 Corteen PL Valley Village, CA 91607
18 Beds
16 Baths
11,202 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 11,202 sqft
Price per Sqft $243
MLS Listing ID 26661965
Bedrooms 18
HOA Y/N No
Year Built 1956
Lot Size 0.377 Acres
Property Description
Now offered at just 11.6x gross on in-place rents! Fully occupied with 2.76% assumable financing in place. 5223 Corteen Place presents a rare opportunity to acquire a premier 10-unit multifamily asset in the heart of Valley Village, offered alongside its sister property at 5227 Corteen (separately priced). Situated on an oversized 16,000+ SF R3-zoned lot, the property offers meaningful future upside with the potential to add up to 8 ADUs (Buyer to Verify), creating a clear path to increased density and long-term value creation. The asset features a highly desirable unit mix of primarily 2- and 3-bedroom units, catering to Valley Village's strong tenant base of professionals, families, and entertainment industry employees. Built in 1956, the property is 100% occupied, delivering immediate, stable income with additional upside through strategic renovations and operational improvements. The property benefits from excellent curb appeal, lush landscaping, a gated swimming pool, and ample on-site parking amenities that continue to drive strong tenant demand and long-term retention. What truly sets this offering apart is the exceptional 2.76% interest-only assumable loan through 2030, providing immediate positive leverage in today's high-rate environment. With debt significantly below current market rates, investors can realize enhanced cash flow from day one while securing a powerful hedge against inflation and future rate volatility. Located on a quiet, tree-lined street in a prime Valley Village location, the property offers convenient access to Ventura Boulevard's retail and dining corridor, as well as proximity to major employment hubs including Studio City, Universal, and Warner Bros. Valley Village continues to stand out as one of the San Fernando Valley's most stable and consistently appreciating rental markets, driven by strong demographics and limited new supply. 5223 & 5227 Corteen Place offer a rare chance to acquire scale, secure below-market debt, and unlock future density in a high-demand Los Angeles submarket all while generating durable in-place income and long-term appreciation.
Location
State CA
County Los Angeles
Area Vvl - Valley Village
Zoning LAR3
Interior
Heating Forced Air
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Carport
Carport Spaces 10
View Y/N Yes
View City Lights
Total Parking Spaces 10
Building
Faces East
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2347028006
Acceptable Financing Cash
Listing Terms Cash
Financing Assumed,Cash
Special Listing Condition Standard
Virtual Tour https://vimeo.com/1172499908/6616251779
Listed by Dana Brody Dana Brody #01429001