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Kenneth Lamm

kennylamm4re@sbcglobal.net +1(818) 414-5833

$ 2,725,000

Est. payment -/mo

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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

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Listed by Dana Brody Dana Brody #01429001

NEARBY SCHOOLS & PROPERTIES

Kenneth Lamm

Advisor | License ID: 01101162

+1(818) 414-5833

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