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$2,215,000
Est. payment /mo
16 Beds
14 Baths
9,094 SqFt
UPDATED:
12/05/2024 03:33 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 9,094 sqft
Price per Sqft $243
MLS Listing ID 24456379
Bedrooms 16
HOA Y/N No
Year Built 1956
Lot Size 0.250 Acres
Property Description
Available to purchase for just $158,214 per unit, this represents one of the best values in the entire San Fernando Valley, offering an investor an inexpensive entry point into the sought-after Valley multifamily market. With current rents below market, a new owner can increase income dramatically while recapturing the approximately 59% in rent upside. The current owner has already completed all seismic retrofit repairs (Buyer to verify), allowing a new investor to benefit from both the $230,000 in brand new seismic upgrades as well as the monthly tenant surcharges that can be collected for the next five years. Much of the plumbing has been upgraded to copper pipes by the current owner as well. The property is set to benefit from several large projects in the development pipeline within Panorama City. On a 17-acre site just blocks from Brimfield Avenue, a potential 4.5-million square foot mixed-use campus is slated for the site of the existing Panorama Mall. Dubbed Panorama City Center, the project would include 125,000 square feet of retail space, 70,000 square feet of restaurant space, 90,000 square feet of entertainment space, and 146,000 square feet of open space. Perhaps the most noteworthy development project in the area is the upcoming East San Fernando Valley Light Rail Line, which will connect the Metro Orange Line, the Metrolink Train Line in Van Nuys, and the Metrolink Train Line in Sylmar/San Fernando. The majority of the new transit line will run along the median of Van Nuys Boulevard, with the Van Nuys Metrolink and the Roscoe Boulevard stations only blocks away from tenants at 7910 Brimfield Avenue. In addition to boosting commerce in the immediate area, it will also provide the benefit of more convenient transportation for the property's tenants.
Location
State CA
County Los Angeles
Area Pc - Panorama City
Zoning LAR3
Interior
Fireplace No
Exterior
Parking Features Assigned
Total Parking Spaces 14
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 2209041002
Special Listing Condition Standard
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Listed by Roderick 'Rick' Raymundo • Marcus & Millichap